--- title: "Boss Zhipin (Minutes): Growth expected to bottom out in Q2, recovery trend emerging" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/29962958.md" description: "Below is the earnings call $Kanzhun(BZ.US) Minutes for FY25Q1. For the earnings interpretation, please refer to "BOSS Zhipin: The Little Leader Firmly Sits in the 'Boss' Seat, But the Cycle is Too Tough". 1. Review of Key Earnings Information 1. Stock-based compensation (SBC): Decreased by 10% quarter-over-quarter, accounting for nearly 4 percentage points less of revenue year-over-year, and will continue to decline as revenue grows in the long term. 2. Operating cash flow was 1 billion yuan, up 11% year-over-year; cash reserves reached 14.8 billion yuan..." datetime: "2025-05-22T14:40:50.000Z" locales: - [en](https://longbridge.com/en/topics/29962958.md) - [zh-CN](https://longbridge.com/zh-CN/topics/29962958.md) - [zh-HK](https://longbridge.com/zh-HK/topics/29962958.md) author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)" --- # Boss Zhipin (Minutes): Growth expected to bottom out in Q2, recovery trend emerging **The following is the**$Kanzhun(BZ.US) **earnings call minutes for FY25Q1. For earnings analysis, please refer toγ€Š**[**BOSS Zhipin: Small Leader Firmly in the 'Boss' Position, But the Cycle is Too Tough**](https://longportapp.cn/zh-CN/topics/29960580)**》** **1\. Key Financial Highlights** ![Automatically generated table description](https://pub.pbkrs.com/cms/2025/0/a6asVnm2ACywaV4JokDX984wrt8BZyK1.jpg?x-oss-process=style/lg) 1\. Stock-based compensation (SBC): Decreased by 10% QoQ, accounting for nearly 4 percentage points less of revenue YoY, and will continue to decline as revenue grows. 2\. Operating cash flow: RMB 1 billion, up 11% YoY; cash reserves reached RMB 14.8 billion. 3\. Q2 2025 guidance: Total revenue is expected to be RMB 2.05–2.08 billion, up 7.0%–8.5% YoY.Growth has bottomed out, and improved cash collection will drive recovery in subsequent quarters. **2\. Detailed Earnings Call Content** **2.1 Key Management Statements** 1\. User scale: Leveraging "bilateral network effects" and improved user satisfaction, marketing expenses decreased while user growth remained strong. a. MAUs reached 57.56 million (up 24% YoY),with March single-month active users nearing 65 million. From January to April, cumulative new users exceeded 15 million,with blue-collar new users accounting for over 45%, driving blue-collar recruitment revenue share to over 39%. b. New user growth in tier-3 and below cities accelerated, contributing 3 percentage points more to revenue, now exceeding 23%. Revenue from companies with <100 employees hit a record high, with paying enterprise clients reaching 6.38 million (up 22% YoY). **2\. Impact of Tariff War:** a. Supply-demand fundamentals: No significant impact on recruitment demand observed. Post-Lunar New Year, corporate demand continued. Job postings grew 17%-19% YoY on average from January to April, with pay rates improving QoQ. b. Industry performance: \- Blue-collar recruitment: Demand in urban service sectors like catering and retail rebounded steadily from April. \- Manufacturing: Job postings maintained YoY growth, showing resilience. \- White-collar recruitment: Demand in advertising, internet, and finance stabilized and recovered, with leading YoY rates. **3\. AI Progress:** a. AI2C: **Gray-test features**: Added AI explanations to search results, now fully launched. **AI interview bots** help users practice interview skills, improving recommendation system understanding. Officially available for students and those with <3 years of experience. b. AI2B: **Resume submission service** users grew 30%, generating cash flow. **Smart recruitment assistant** guides companies to articulate needs and match candidates, improving hiring success by 25%. However, large-scale deployment remains cautious. c. AI2 Management: \- Weekly report reform: AI-generated summaries highlight project gaps and content issues, aiding decision-making. \- Talent evaluation: AI assesses performance data objectively, avoiding human biases. 4\. Outlook: Focus remains on profit growth, **with cautious scaling of AI in recruitment processes**. **2.2 Q&A** **Q: How did recruitment demand evolve during the tariff war? Any recent recovery signs?** A: **Demand:** Recovery trends persist, with limited overall impact. Industry/regional diversification mitigates export-sector exposure. **Recovery signs:** April-May job postings grew steadily; export sectors saw a brief April dip but rebounded by mid-May. **Q: How does April-May 2025 demand compare to 2024? Differences by industry/company size? Will trends continue into June-July graduation season?** A: **YoY:** Supply-demand ratios improved, with post-holiday growth outperforming 2024. **Differences:** Blue-collar (especially urban services) growth accelerated March-May. **Outlook:** Graduation season trends appear optimistic but hard to predict precisely. **Q: Feedback on internal AI tests? Monetization plans?** A: **Feedback:** Positive; some features now fully launched. **Monetization:** AI tools improved hiring efficiency by 25%; **AI chat** served 9M+ dialogues, boosting success rates by 15%. Monetization will be gradual. **Q: Thoughts on RMB 3B non-GAAP operating profit target? Long-term plans?** A: **Target:** Confident due to cost controls and seasonal tailwinds. **Capital:** $2B+ cash reserves support buybacks and other returns. **Q: Will AI disrupt HR competition? Service expansion potential?** A: **Competition:** Stable for now; future AI waves may change dynamics. **Expansion:** AI optimizes costs (e.g., placement services) with clearer ROI than early ChatGPT. **Q: Blue-collar KPIs and new business updates?** A: **Blue-collar:** 45% new users, 39% revenue; tier-3 cities are key. Simplifying services is the focus. **Placement:** Heavy AI resources aim to boost efficiency and reliability. **Disclosures:**[**Dolphin Research Disclaimer**](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [BZ.US](https://longbridge.com/en/quote/BZ.US.md) - [02076.HK](https://longbridge.com/en/quote/02076.HK.md)