Human Resource and Employment Services

BOSS ZHIPIN-W

美图公司

Deep Research

Appraisal value

00700

TCTZF

TCEHY

80700

09626

BILI

01357

01698

02076

600475

HTCD

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

TENCENT

Tencent Holdings Limited

Tencent

TENCENT-R

BILIBILI-W

Bilibili

MEITU

TME-SW

Tencent Music

Kanzhun

WHEE

Tencent HK SDR 10to1

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

Conference Minutes

000591

RATE

The following are the minutes of the Boss FY25Q3 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to 'BOSS Zhipin: Not Surprising, but Still Strong'.1. Review of Core Financial DataPerformance Overview:Revenue: Total revenue for the third quarter was RMB 2.16 billion, an increase of 13.3% year-on-year.Profit: According to US GAAP, net profit was RMB 780 million, an increase of 67.2% year-on-year, with a net profit margin of 35.8%; adjusted operating profit increased by 49.3% year-on-year...

Global X Interest Rate Hedge ETF

BOSS Zhipin (Minutes): Customer Renewal Rebounds, Growth Rate Bottoms Out and Recovers

Financial Analysis

BETA

BOSS

SBCWW

$BOSS ZHIPIN-W(02076.HK) $Kanzhun(BZ.US) Q3 financial report has been released, and the overall performance basically met expectations. It is still the same BOSS—despite still facing pressure, the company's ability to outperform Beta is still evident. Specifically: 1. Billings showed signs of recovery: Q3 billings increased by 14% year-on-year, showing a significant recovery compared to the previous quarter. Although this was within expectations and last year's base was low, it is commendable to withstand the pressure in a relatively high-pressure environment...

SBC Medical

Beta Tech

HUGO BOSS AG

Barrick Mining

SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

Boss Zhipin: Not Surprising, but Still Strong

Kanzhun 3Q25 Quick Interpretation: The recruitment giant Kanzhun's third-quarter performance overall met expectations, although it may lack surprises compared to previous periods. Despite significant external pressures, the company's number of corporate clients continues to grow, user mindshare remains leading, and internal efficiency improvements have led to a sustained trend of improving profitability. 1. Billings expected to rebound: Third-quarter billings increased by 14% year-on-year, showing a significant rebound compared to the previous quarter. Although this was within expectations, last year's base was also low. Given the relatively high-pressure environment, maintaining resilience is commendable. 2. Revenue guidance is moderate: The company's revenue guidance for the fourth quarter implies a growth rate in the range of 12.4% to 13.5%, with a slight sequential improvement, driven by a decrease in the base, which aligns with market expectations. 3. Net increase in B-end clients: The growth in billings mainly stems from a stable net increase in the number of clients. In the third quarter, paid corporate clients saw a net increase of 300,000, higher than the previous quarter. However, the calculated average revenue per client declined year-on-year, and combined with Sensor Tower's tracking data on iOS (19% year-on-year growth), we speculate that the increase mainly comes from small and medium-sized enterprises. 4. C-end monthly active users continue to grow: Overall monthly active users reached 63.8 million, with a net increase of 3.2 million sequentially, slightly below expectations. However, within the industry, BOSS Zhipin's user scale share continues to rise. 5. Maintaining cost control and efficiency improvement: The final core operating profit was 690 million, exceeding the market expectation of 610 million, with a profit margin of 32%, up 1 percentage point sequentially. As in the previous two quarters, this mainly resulted from a significant decline in sales and R&amp;D expenses. This strict cost control trend is the main theme of BOSS Zhipin's internal operations this year. $Kanzhun(BZ.US) $BOSS ZHIPIN-W(02076.HK)

Today’s Key News Recap

LKNCY

GOOG

GOOGL

GGLS

GGLL

01810

01024

09868

09863

09888

09961

81810

XIACY

81024

XPEV

89888

HXXD

HBUD

BIDU

HTGD

TCOM

1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

Luckin Coffee

Alphabet - C

Alphabet

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

XIAOMI-W

KUAISHOU-W

XPENG-W

LEAPMOTOR

BIDU-SW

TRIP.COM-S

XIAOMI-WR

Xiaomi Corporation

KUAISHOU-WR

XPeng

BIDU-SWR

Xiaomi HK SDR 2to1

Baidu HK SDR 10to1

Baidu

Trip.com HK SDR 50to1

Trip.com

Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

The following are the minutes of the FY25Q2 earnings call for $Kanzhun(BZ.US) organized by Dolphin Research. For earnings interpretation, please refer to &#34;BOSS Zhipin: The environment remains volatile, but the essence of being small and beautiful remains unchanged.&#34; 1. Review of Core Financial Information a. Growth Drivers: a. The number of paying corporate clients reached 6.5 million in the 12 months ending June 30, representing a year-on-year growth of 10%. b. Willingness to Pay: The recruitment market is recovering, and corporate willingness to pay is increasing, especially the demand recovery from small and medium-sized enterprises (SMEs) is more pronounced, with their revenue contribution increasing quarter-on-quarter...

Kanzhun (Minutes): Recruitment demand on the platform has recovered

$Kanzhun(BZ.US) Q2 report has been released. Although the performance is not perfect, the flaws do not overshadow the merits. It once again proves that in a headwind environment, a reliable and small yet beautiful team will increasingly highlight its competitive advantages. Specifically: 1. User share continues to rise: In the second quarter, platform users increased by 3 million quarter-on-quarter, reaching 60.6 million. At the same time, sales expenses for promotion increased by 10% year-on-year, returning to normal levels. However, due to significant optimization of sales personnel, overall marketing expenses still fell by 23% year-on-year. Compared to absolute values, Dolphin Research pays more attention to market share...

Kanzhun: The environment remains volatile, but the essence of being small and exquisite remains unchanged.

BZ 2Q25 Quick Interpretation: The Q2 performance had both positives and negatives. The positives include profit exceeding expectations, dividends, and a new buyback plan, while the negatives are weaker cash flow and Q3 revenue guidance that is essentially inline. According to Dolphin Research, this mixed result reflects the current situation of 'high environmental pressure' and 'BOSS Zhipin having more relative advantages.' 1. Has the cash flow recovery trend halted?: Although Q2 revenue met expectations, cash flow was less than 2.1 billion, with a year-on-year growth of only 5.7%, which is not only below expectations but also seems to contradict the company's guidance of 'bottoming out in Q4 last year and recovering quarter by quarter.' Dolphin Research believes that the misalignment of the spring recruitment due to the difference in the timing of the Spring Festival (earlier in 2025 than in 2024) might be one factor. Additionally, the impact of tariffs in April might have had a delayed reaction (in May, the company believed tariffs had no impact on foreign trade enterprise recruitment). It is recommended to pay attention to related statements in the conference call. 2. Guidance is also mediocre?: The company's guidance for Q3 total revenue is 2.13-2.16 billion, implying a growth rate of 11-13%, which is basically in line with expectations, but the improvement trend between quarters (Q3 compared to Q2) is not as apparent as the market expected. Dolphin Research believes that, combined with Sensor Tower data (significant year-on-year growth in cash flow in June and July), BOSS Zhipin's guidance leaves room for maneuver, which aligns with the management's consistently cautious and conservative style. 3. User growth not fast enough?: The overall MAU in Q2 exceeded 60 million, but the market seemed to expect more. However, Dolphin Research believes this is not a major issue. Compared to absolute values, we focus more on market share. According to Questmobile data, BOSS Zhipin's user share continues to increase. Since May, Yupaopao Recruitment, characterized by direct phone chats and targeting the blue-collar market, has increased advertising in first- and second-tier markets, striving to penetrate the white-collar market. Dolphin Research believes there is no need to worry too much for now. Whether in terms of recommendation algorithms or the completeness and matching degree of the supply and demand ecosystem in the white-collar industry, Yupaopao poses little competitive threat to BOSS Zhipin. 4. Profit exceeded expectations: The main highlight of Q2 is the profit. The operating profit of the core business was 650 million, with the profit margin rapidly increasing to 31%, an 8 percentage point increase quarter-on-quarter, significantly higher than the market consensus. The essence behind this is: 1) Reflecting BOSS Zhipin's economies of scale, with improved gross margin and reduced R&amp;D expense ratio;2) Reflecting BOSS Zhipin's competitive advantage, with a reduced sales expense ratio.3) Reflecting BOSS Zhipin's internal management efficiency, with SBC down 24% year-on-year. 5. Annual dividend and new buyback: The advantage of the business model is manifested in the increasing cash on the books, reaching 2.2 billion USD by the end of Q2 (including short-term deposits and investments). This time, an annual dividend plan is initiated, with 80 million USD (0.168 USD/ADS) to be distributed in October, and last year's approved buyback is extended by one year to August 2026, with a buyback not exceeding 250 million USD during this period. $Kanzhun(BZ.US) $BOSS ZHIPIN-W(02076.HK)

09618

HJDD

JD.com

JD-SW

JD HK SDR 10to1

Meta Platforms

News

Trump Threatens 50% Tariff on Copper Imports; JD Logistics Launches 'Double Century' Initiative | Today's Important News Recap

Below is the earnings call $Kanzhun(BZ.US) Minutes for FY25Q1. For the earnings interpretation, please refer to &#34;BOSS Zhipin: The Little Leader Firmly Sits in the 'Boss' Seat, But the Cycle is Too Tough&#34;. 1. Review of Key Earnings Information 1. Stock-based compensation (SBC): Decreased by 10% quarter-over-quarter, accounting for nearly 4 percentage points less of revenue year-over-year, and will continue to decline as revenue grows in the long term. 2. Operating cash flow was 1 billion yuan, up 11% year-over-year; cash reserves reached 14.8 billion yuan...

Boss Zhipin (Minutes): Growth expected to bottom out in Q2, recovery trend emerging

BOSS Zhipin Focuses on Curbing Fake Job Listings and Resume Selling in Q3

Matthews International Capital Management Increased Its Stake in BOSS Zhipin to 1,029,811 Shares

BOSS Zhipin Benefits from Reviving Recruitment Market, Paid Users Continuously Grow

Wall Street CIO Upgrades BOSS Zhipin Stock Rating to Buy

BOSS Zhipin Launches Special Governance on Illegal Practices Targeting Job Seekers

BOSS Zhipin-W announces repurchase of 499,900 A-class ordinary shares

Arrowstreet Capital Increases Holdings in BOSS Zhipin in Q2

BOSS Zhipin Donates HK$3 Million to Support Relief Efforts for Hong Kong Ma Po Fire Victims

GuoTai HTH Maintains BOSS Zhipin-W Target Price and Buy Rating

Kanzhun Reports Strong Growth in Q3 Earnings, Projects Future Revenue

BOSS Zhipin Reports Q3 2025 Financial Results

BOSS ZHIPIN-W released FY2025 9 Months Earnings on November 18 Pre-Market BJT, actual revenue HKD 6.726 B, actual EPS HKD 2.4135

BOSS ZHIPIN-W released FY2025 Q3 earnings on November 18 Pre-Market (BJT), actual revenue HKD 2.365 B (forecast HKD 2.362 B), actual EPS HKD 0.9291 (forecast HKD 0.74)

BOSS ZHIPIN-W to Release FY2025 Q3 Earnings on November 18 Pre-Market (BJT), Forecast Revenue HKD 2.359B, EPS HKD 0.74