Kanzhun 2Q26 First Take: Q2 results remained steady, with core profit slightly above Street expectations on improved scale efficiency and operating leverage. Adj. net profit materially beat, primarily driven by investment gains from Zhipu’s IPO. Under macro headwinds, growth held up as spring hiring shifted and online penetration in blue-collar recruiting accelerated, where Kanzhun captured more share on product strength.

Due to the timing shift of Chinese New Year (later CNY pushed the spring hiring peak into Q2), revenue growth rebounded against the macro trend as expected. User growth was also lifted by exposure from World Cup sponsorships, adding a net 9.3 mn users. With some peers struggling under macro pressure, Kanzhun gained further share; QuestMobile data show its active-user share now exceeds half of the market.

Overall, the quarter reinforced Kanzhun’s profile as a focused vertical platform delivering stable growth, better scale efficiency, and solid shareholder returns. The core story remains intact moats and a credible management team. $Kanzhun(BZ.US) $BOSS ZHIPIN-W(02076.HK)