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Introduction & Market Context
Kanzhun Limited, the company behind the mobile-native recruitment platform BOSS Zhipin, presented its second quarter 2025 financial results on August 20, 2025, highlighting steady revenue growth and significant margin expansion. The company’s innovative direct recruitment model continues to disrupt traditional job boards by connecting job seekers directly with employers through its mobile platform.
Operating in China’s competitive recruitment market, Kanzhun has built a substantial user base of 211.9 million verified job seekers and 30.2 million verified enterprise users as of December 31, 2024. The platform serves a diverse range of segments, from blue-collar workers to white-collar professionals, with a particular focus on small and medium-sized enterprises.
Quarterly Performance Highlights
Kanzhun reported Q2 2025 revenue of RMB 2,102.4 million, representing a 9.7% year-over-year increase from RMB 1,916.7 million in Q2 2024. For the first half of 2025, revenue reached RMB 4,025.7 million, up 11.2% compared to the same period in 2024.
The company’s profitability metrics showed substantial improvement, with adjusted operating margin expanding to 41.9% in Q2 2025 from 34.4% in the same period last year. Similarly, adjusted net margin increased to 44.8% from 37.5% year-over-year.
As shown in the following chart of quarterly revenue growth:
The company attributes its long-term growth to three key drivers: robust enterprise user growth, improved paying ratio, and long-term ARPPU (Average Revenue Per Paying User) growth. The platform’s business model focuses on connecting employers directly with job seekers, eliminating intermediaries and enhancing efficiency.
Detailed Financial Analysis
Kanzhun’s adjusted operating income for Q2 2025 reached RMB 880.9 million, a significant increase from RMB 660.1 million in Q2 2024. Adjusted net income also showed strong growth, rising to RMB 940.9 million from RMB 718.7 million in the same period last year.
The company’s operating efficiency has improved considerably, with adjusted sales and marketing expenses decreasing to RMB 367.5 million in Q2 2025 from RMB 473.7 million in Q2 2024. This reduction in marketing costs, combined with a slight increase in gross margin to 85.7% from 84.1%, contributed to the overall profitability improvement.
The following chart illustrates the company’s enhanced operating efficiency:
Kanzhun’s improving profitability is clearly demonstrated in the following visualization:
The company maintains a strong cash position, with RMB 16.02 billion as of June 30, 2025. Operating cash flow for Q2 2025 was RMB 1,051.9 million, up from RMB 868.6 million in Q2 2024. For the first half of 2025, operating cash flow reached RMB 2,055.0 million.
The company’s robust cash generation is illustrated in this chart:
The comprehensive income statement data provides further insight into the company’s financial performance:
Strategic Positioning and Business Model
Kanzhun’s BOSS Zhipin platform differentiates itself through its mobile-native direct recruitment model, which enables job seekers and employers to communicate directly rather than through the traditional resume upload and download process. This approach aims to provide better convenience, accuracy, efficiency, and transparency in the recruitment process.
The platform serves a full spectrum of job seekers and employers, with 35% of job seekers being blue-collar workers and 88% of enterprises being SMEs. Notably, 66% of enterprise users are bosses or direct hiring managers, which aligns with the company’s direct recruitment model.
The following visualization illustrates the company’s market coverage:
Kanzhun’s technology platform creates strong network effects, as illustrated in this diagram:
The company’s balance sheet remains solid, with total assets of RMB 21.18 billion as of June 30, 2025, up from RMB 19.31 billion at the end of 2024:
Forward-Looking Statements
Kanzhun is returning value to shareholders through an annual cash dividend of USD 80 million and a share repurchase program of USD 250 million. The company’s strong cash position and consistent cash flow generation support these shareholder return initiatives while maintaining flexibility for future investments.
The company’s long-term growth strategy continues to focus on expanding its enterprise user base, improving the ratio of paying users, and increasing the average revenue per paying user. With its innovative mobile-native platform and direct recruitment model, Kanzhun aims to further disrupt the traditional job board market and capture additional market share.
Kanzhun’s financial results demonstrate that its differentiated approach to online recruitment is yielding positive results, with steady revenue growth and expanding profit margins. The company’s ability to reduce marketing expenses while maintaining growth suggests increasing platform efficiency and strong network effects, positioning it well for continued success in the competitive recruitment market.
Full presentation:
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