Slides
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KANZHUN LIMITED 2Q 2026 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 twelve months ended June 30, 2026 4. Excluding the impact of share-based compensation expenses and net gains from investments in an investee company We are the Largest Online Recruitment Platform1 in China Our Fast Growing MAU2 70.2MM Avg MAU in 2026Q2 10.4% YoY Growth RMB 2.40BN Revenues in 2026Q2 7.2MM Paid Enterprise Customers3 RMB 1,029.2MM Adjusted Net Income4 in 2026Q2 9.4% YoY Growth 42.9% Adjusted Net Margin4 MM MAU
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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 36.8MM Verified Enterprise Users1,2 252.6MM Verified Job Seekers1 Recruiting Professionals White and Gold-collar Blue-collar College Students Focus of Traditional Players Notes: 1. As of December 31, 2025 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 37.3% 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 62.5% of Enterprise Users are Bosses1 89.4% 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 2,102.4 2,398.6 4,025.7 4,467.4 2025Q2 2026Q2 2025.1-6 2026.1-6 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 11.0%2 14.1%2
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9 9 218.6 164.4 404.7 326.7 338.0 360.6 673.0 711.3367.5 521.0 784.5 968.3 300.6 310.1 601.8 605.1 2025Q2 2026Q2 2025.1-6 2026.1-6 … 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 85.7% Adjusted cost of revenues Adjusted sales and marketing expenses Adjusted research and development expenses Adjusted general and administrative expenses as % of Revenues 19.5% 16.7% 10.1% 14.9% 86.5% 17.5% 16.1% 10.4% 14.3% 85.1%87.1% 21.7% 15.0% 6.9% 12.9% 21.7% 15.9% 7.3% 13.5%
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10 10 880.9 1,049.7 1,572.5 1,864.3 2025Q2 2026Q2 2025.1-6 2026.1-6 940.9 1,029.2 1,704.8 1,885.4 2025Q2 2026Q2 2025.1-6 2026.1-6 … Lead to Improving Profitability Capability Adjusted Income From Operations1 RMB MM Adjusted Net Income1 Notes: 1. Excluding share-based compensation expenses and net gains from investments in an investee company 2. Representing year-on-year growth rate Proven and continuously improved profitability RMB MM Adjusted operating margin1 Adjusted net margin1 44.8%41.9% 41.7% 18.6%2 42.2% 10.6%2 19.2%2 43.8% 39.1% 42.9% 42.3% 9.4%2
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11 11 1,051.9 944.8 2,055.0 2,134.9 2025Q2 2026Q2 2025.1-6 2026.1-6 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 (excluding investments in equity securities) 3. Defined as operating cash flow less capital expenditures 4. Total amount of shares repurchased during the six months ended June 30, 2026, under the share repurchase program with total authorization of up to US$400 million 5. The estimated amount of the annual cash dividend declared in August 2026 under the Company's annual dividend policy RMB 18.81BN Cash Position2 As of June 30, 2026 RMB 883MM Free Cash Flow3 in 2026Q2 Cash Position & Cash Management Capital Allocation US$ 230MM Annual Cash Dividend5 US$ 302MM Share Repurchases4 For the six months ended June 30, 2026 3.9%1 (10.2)%1
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Appendix
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13 13 Unaudited Selected Income Statement Data For the three months ended June 30, For the six months ended June 30, 2025 2026 2025 2026 (All amounts in thousands, except for percentages) RMB RMB RMB RMB Revenues 2,102,433 2,398,603 4,025,710 4,467,395 Operating cost and expenses Cost of revenues (307,457) (312,422) (618,265) (610,638) Sales and marketing expenses (419,873) (580,945) (911,100) (1,083,176) Research and development expenses (416,046) (430,530) (839,614) (854,325) General and administrative expenses (310,974) (218,632) (576,485) (440,645) Total operating cost and expenses (1,454,350) (1,542,529) (2,945,464) (2,988,784) Income from operations 651,201 863,218 1,090,986 1,486,848 Net income 711,174 1,942,346 1,223,268 3,068,122 Gross margin 85.4% 87.0% 84.6% 86.3% Operating margin 31.0% 36.0% 27.1% 33.3% Net margin 33.8% 81.0% 30.4% 68.7% Non-GAAP Financial Measures Adjusted operating cost and expenses Cost of revenues (300,561) (310,056) (601,758) (605,079) Sales and marketing expenses (367,517) (520,990) (784,507) (968,314) Research and development expenses (337,981) (360,617) (673,016) (711,272) General and administrative expenses (218,565) (164,421) (404,694) (326,696) Total adjusted operating cost and expenses (1,224,624) (1,356,084) (2,463,975) (2,611,361) Adjusted income from operations 880,927 1,049,663 1,572,475 1,864,271 Adjusted net income 940,900 1,029,203 1,704,757 1,885,390 Adjusted gross margin 85.7% 87.1% 85.1% 86.5% Adjusted operating margin 41.9% 43.8% 39.1% 41.7% Adjusted net margin 44.8% 42.9% 42.3% 42.2%
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14 14 Unaudited Selected Cash Flow Data For the three months ended June 30, For the six months ended June 30, 2025 2026 2025 2026 (All amounts in thousands) RMB RMB RMB RMB Net cash provided by operating activities 1,051,896 944,754 2,055,005 2,134,857 Net cash used in investing activities (824,453) (308,639) (1,503,279) (1,861,477) Net cash provided by/(used in) financing activities 144,272 (1,389,947) 58,278 (1,749,282) Effect of exchange rate changes on cash and cash equivalents (2,629) (17,709) (3,588) (48,736) Net increase/(decrease) in cash and cash equivalents 369,086 (771,541) 606,416 (1,524,638) Cash and cash equivalents at beginning of the period 2,790,420 3,351,820 2,553,090 4,104,917 Cash and cash equivalents at end of the period 3,159,506 2,580,279 3,159,506 2,580,279
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15 15 Unaudited Selected Cash Flow Data As of December 31, 2025 June 30, 2026 (All amounts in thousands) RMB RMB ASSETS Current assets Cash and cash equivalents 4,104,917 2,580,279 Short-term time deposits 6,390,158 5,220,565 Short-term investments 9,450,244 13,143,766 Other current assets 409,978 658,284 Total current assets 20,355,297 21,602,894 Non-current assets Long-term time deposits and investments 2,680,638 3,671,576 Property, equipment and software, net 1,245,022 1,277,199 Other non-current assets 287,057 324,065 Total non-current assets 4,212,717 5,272,840 Total assets 24,568,014 26,875,734 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Deferred revenue 3,235,959 3,548,283 Other payables and accrued liabilities 921,319 1,177,248 Other current liabilities 213,982 431,763 Total current liabilities 4,371,260 5,157,294 Total non-current liabilities 115,716 670,187 Total liabilities 4,486,976 5,827,481 Total shareholders’ equity 20,081,038 21,048,253 Total liabilities and shareholders’ equity 24,568,014 26,875,734
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16 16 THANK YOU! Contact Us: ir@kanzhun.com https://ir.zhipin.com BOSS直聘