Kanzhun 1Q26 First Take: Q1 results were broadly in line, with a small profit beat on tighter G&A. Core OP was approx. RMB 600 mn (+44% YoY).
Mgmt guides Q2 revenue growth of 14%, an acceleration vs. Q1. Some demand shifted from Q1 to Q2 due to an extended CNY and timing effects, and Sensor Tower data show a sharp rebound post-holiday return to work.
Looking at Q1 and Q2 together, 1H growth is about 11%, roughly flat vs. the same period last year. While not slowing, last year’s base was low, so momentum is best described as stable.
Mgmt has guided ~10% growth over the next two years, constrained by the domestic environment, so more upside on the top line hinges on market expansion. In Hong Kong, penetration is progressing well: the OfferToday platform ranks No.1 by DAU among mainstream recruiting apps and No.2 by MAU. On current trends, it is closing in on JobsDB.
That said, Hong Kong is a small market, so the fastest way to sustain earnings is self-help via cost discipline. With R&D already small, cuts in S&M deliver more leverage. However, the joint sponsorship fee for the World Cup this year (approx. RMB 200 mn) and last year’s ongoing S&M reductions mean near-term tightening will mainly come from G&A, which also drove the Q1 profit beat.
The company still expects adj. OPM to improve this year, albeit by less than the step-up in 2025. Beyond maintaining growth, mgmt also raised the buyback authorization last quarter to support the stock. $Kanzhun(BZ.US) $BOSS ZHIPIN-W(02076.HK)
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