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6-K 1 tm2515944d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2025

 

 

 

Commission File Number: 001-40460

 

 

 

KANZHUN LIMITED

 

21/F, GrandyVic Building,

Taiyanggong Middle Road

Chaoyang District, Beijing 100020

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x           Form 40-F ¨

 

 

 

 


 

Exhibit Index

 

Exhibit No.

Description

99.1 Press Release—KANZHUN LIMITED Announces First Quarter 2025 Financial Results

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  

  KANZHUN LIMITED
       
  By  :

/s/ Yu Zhang

  Name : Yu Zhang
  Title : Director and Chief Financial Officer

 

Date: May 22, 2025

 

 

 

 

 

EX-99.1 2 tm2515944d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

KANZHUN LIMITED Announces First Quarter 2025 Financial Results

 

BEIJING, May 22, 2025 – KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

 

First Quarter 2025 Highlights

 

· Total paid enterprise customers1 in the twelve months ended March 31, 2025 were 6.4 million, an increase of 12.3% from 5.7 million in the twelve months ended March 31, 2024.

 

· Average monthly active users2 for the first quarter of 2025 were 57.6 million, an increase of 23.6% from 46.6 million for the same quarter of 2024.

 

· Revenues for the first quarter of 2025 were RMB1,923.3 million (US$265.0 million), an increase of 12.9% from RMB1,703.8 million for the same quarter of 2024.

 

· Income from operations for the first quarter of 2025 was RMB439.8 million (US$60.6 million), an increase of 324.5% from RMB103.6 million for the same quarter of 2024. Adjusted income from operations3 for the first quarter of 2025 was RMB691.5 million (US$95.3 million), an increase of 76.1% from RMB392.6 million for the same quarter of 2024.

 

· Net income for the first quarter of 2025 was RMB512.1 million (US$70.6 million), an increase of 111.9% from RMB241.7 million for the same quarter of 2024. Adjusted net income3 for the first quarter of 2025 was RMB763.9 million (US$105.3 million), an increase of 43.9% from RMB530.7 million for the same quarter of 2024.

 

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, “We are pleased to achieve a solid start in the first quarter, marked by steady revenue growth, profits that beat our expectations, and a record-high active user scale. These achievements validate the effectiveness of operational strategy we set at the beginning of this year, which centers on ‘focusing on core businesses, advancing technological innovation, and driving high-quality growth’. At the same time, we’ve continued to deepen our application of AI technologies, launching several AI-powered products and services. These initiatives have yielded positive results in user engagement, improving efficiency for job-seeking and recruitment, and enhancing matching accuracy, while the penetration rate of AI-enhanced services among our user base is also accelerating rapidly.”

 

Mr. Phil Yu Zhang, Chief Financial Officer, elaborated, “We are delighted to report a 36.0% adjusted operating margin for the first quarter, representing a 13 percentage points year-on-year improvement. This performance was primarily driven by our efficient operational leverage and strong cost control capabilities. Notably, following the Chinese New Year, our monthly active users peaked at nearly 65 million; for the first quarter, our average monthly active users grew by 23.6% year-on-year, highlighting the strength of our brand appeal, strong user stickiness, and continuously improving user acquisition efficiency. We remain committed to our core strategy of driving revenue growth through user penetration, the number of paid enterprise customers reaching 6.4 million in the twelve months ended March 31, 2025, up 12.3% year-on-year.”

 

 

1 Paid enterprise customers are defined as enterprise users and company accounts from which the Company recognizes revenues for online recruitment services.
2 Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to the Company’s mobile application in a given month at least once.
3 It is a non-GAAP financial measure, excluding the impact of share-based compensation expenses. For more information about the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.”

 

1 


 

First Quarter 2025 Financial Results

 

Revenues

 

Revenues were RMB1,923.3 million (US$265.0 million) for the first quarter of 2025, representing an increase of 12.9% from RMB1,703.8 million for the same quarter of 2024.

 

· Revenues from online recruitment services to enterprise customers were RMB1,901.4 million (US$262.0 million) for the first quarter of 2025, representing an increase of 12.9% from RMB1,684.1 million for the same quarter of 2024. This increase was mainly driven by the paid enterprise customer growth.

 

· Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB21.9 million (US$3.0 million) for the first quarter of 2025, representing an increase of 11.2% from RMB19.7 million for the same quarter of 2024, mainly benefiting from expanded user base.

 

Operating cost and expenses

 

Total operating cost and expenses were RMB1,491.1 million (US$205.5 million) for the first quarter of 2025, representing a decrease of 7.5% from RMB1,612.8 million for the same quarter of 2024. Total share-based compensation expenses were RMB251.8 million (US$34.7 million) for the first quarter of 2025, representing a decrease of 12.9% from RMB289.0 million for the same quarter of 2024.

 

· Cost of revenues was RMB310.8 million (US$42.8 million) for the first quarter of 2025, representing an increase of 5.2% from RMB295.4 million for the same quarter of 2024, primarily due to an increase in payment processing cost.

 

· Sales and marketing expenses were RMB491.2 million (US$67.7 million) for the first quarter of 2025, representing a decrease of 15.2% from RMB579.3 million for the same quarter of 2024, primarily due to decreases in advertising and marketing expenses and employee-related expenses.

 

· Research and development expenses were RMB423.6 million (US$58.4 million) for the first quarter of 2025, representing a decrease of 9.4% from RMB467.6 million for the same quarter of 2024, primarily due to decreases in employee-related expenses and investments in technology.

 

· General and administrative expenses were RMB265.5 million (US$36.6 million) for the first quarter of 2025, remaining relatively stable compared with RMB270.5 million for the same quarter of 2024.

 

Income from operations and adjusted income from operations

 

Income from operations was RMB439.8 million (US$60.6 million) for the first quarter of 2025, representing an increase of 324.5% from RMB103.6 million for the same quarter of 2024.

 

Adjusted income from operations was RMB691.5 million (US$95.3 million) for the first quarter of 2025, representing an increase of 76.1% from RMB392.6 million for the same quarter of 2024.

 

2 


 

Net income and adjusted net income

 

Net income was RMB512.1 million (US$70.6 million) for the first quarter of 2025, representing an increase of 111.9% from RMB241.7 million for the same quarter of 2024.

 

Adjusted net income was RMB763.9 million (US$105.3 million) for the first quarter of 2025, representing an increase of 43.9% from RMB530.7 million for the same quarter of 2024.

 

Net income per American depositary share (“ADS”) and adjusted net income per ADS

 

Basic and diluted net income per ADS attributable to ordinary shareholders for the first quarter of 2025 were RMB1.19 (US$0.16) and RMB1.16 (US$0.16), respectively, compared to basic and diluted net income per ADS of RMB0.56 and RMB0.54 for the same quarter of 2024.

 

Adjusted basic and diluted net income per ADS attributable to ordinary shareholders3 for the first quarter of 2025 were RMB1.77 (US$0.24) and RMB1.72 (US$0.24), respectively, compared to adjusted basic and diluted net income per ADS of RMB1.21 and RMB1.18 for the same quarter of 2024.

 

Net cash provided by operating activities

 

Net cash provided by operating activities was RMB1,003.1 million (US$138.2 million) for the first quarter of 2025, representing an increase of 10.8% from RMB905.5 million for the same quarter of 2024.

 

Cash position

 

Balance of cash and cash equivalents, short-term time deposits and short-term investments was RMB14,785.2 million (US$2,037.5 million) as of March 31, 2025.

 

Share Repurchase Program

 

In August 2024, the Company’s board of directors authorized a share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may repurchase up to US$150 million of its shares (including in the form of ADSs).

 

Outlook

 

For the second quarter of 2025, the Company currently expects its total revenues to be between RMB2.05 billion and RMB2.08 billion, representing a year-on-year increase of 6.9% to 8.5%. This forecast reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

 

Conference Call Information

 

The Company will host a conference call at 8:00 AM U.S. Eastern Time on Thursday, May 22, 2025 (8:00 PM Beijing Time on Thursday, May 22, 2025) to discuss the financial results.

 

Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BIeadb7cf2cfe04e00b061e4ce881794a3

 

Upon registration, participants will receive an email containing participant dial-in numbers and a unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

 

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhipin.com.

 

3 


 

Exchange Rate

 

This press release contains translations of certain RMB amounts into U.S. dollar (“US$”) amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.2567 to US$1.00 on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

Non-GAAP Financial Measures

 

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income from operations, adjusted net income, adjusted net income attributable to ordinary shareholders, adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders and adjusted basic and diluted net income per ADS attributable to ordinary shareholders as supplemental measures to review and assess operating performance. The Company defines these non-GAAP financial measures by excluding the impact of share-based compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP financial measures help identify underlying trends in the business and facilitate investors’ assessment of the Company’s operating performance.

 

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP information used by other companies. The non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

 

Safe Harbor Statement

 

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the outlook and quotations from management in this press release contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

4 


 

About KANZHUN LIMITED

 

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

 

For investor and media inquiries, please contact:

 

KANZHUN LIMITED

Investor Relations

Email: ir@kanzhun.com

 

PIACENTE FINANCIAL COMMUNICATIONS

Email: kanzhun@tpg-ir.com

 

5 


 

KANZHUN LIMITED

Unaudited Condensed Consolidated Statements of Operations

(All amounts in thousands, except share and per share data)

 

    For the three months ended March 31,  
    2024     2025  
    RMB     RMB     US$  
Revenues                        
Online recruitment services to enterprise customers     1,684,087       1,901,382       262,017  
Others     19,666       21,895       3,017  
Total revenues     1,703,753       1,923,277       265,034  
Operating cost and expenses                        
Cost of revenues(1)     (295,439 )     (310,808 )     (42,830 )
Sales and marketing expenses(1)     (579,270 )     (491,227 )     (67,693 )
Research and development expenses(1)     (467,569 )     (423,568 )     (58,369 )
General and administrative expenses(1)     (270,472 )     (265,511 )     (36,588 )
Total operating cost and expenses     (1,612,750 )     (1,491,114 )     (205,480 )
Other operating income, net     12,590       7,622       1,050  
Income from operations     103,593       439,785       60,604  
Interest and investment income, net     156,056       149,489       20,600  
Foreign exchange gain/(loss)     30       (569 )     (78 )
Other expenses, net     (259 )     (617 )     (85 )
Income before income tax expenses     259,420       588,088       81,041  
Income tax expenses     (17,696 )     (75,994 )     (10,472 )
Net income     241,724       512,094       70,569  
Net loss attributable to non-controlling interests     3,227       6,040       832  
Net income attributable to ordinary shareholders of KANZHUN LIMITED     244,951       518,134       71,401  
Weighted average number of ordinary shares used in computing net income per share                        
—Basic     880,732,849       870,991,355       870,991,355  
—Diluted     907,305,397       895,586,531       895,586,531  
Net income per ordinary share attributable to ordinary shareholders                        
—Basic     0.28       0.59       0.08  
—Diluted     0.27       0.58       0.08  
Net income per ADS(2) attributable to ordinary shareholders                        
—Basic     0.56       1.19       0.16  
—Diluted     0.54       1.16       0.16  

 

(1) Include share-based compensation expenses as follows:

 

    For the three months ended March 31,  
    2024     2025  
    RMB     RMB     US$  
Cost of revenues     10,917       9,611       1,324  
Sales and marketing expenses     70,472       74,237       10,230  
Research and development expenses     102,693       88,533       12,200  
General and administrative expenses     104,895       79,382       10,939  
Total     288,977       251,763       34,693  

 

(2) Each ADS represents two Class A ordinary shares.

 

6 


 

KANZHUN LIMITED

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

 

    As of  
    December 31, 2024    

March 31, 2025

 
    RMB     RMB     US$  
ASSETS                  
Current assets                        
Cash and cash equivalents     2,553,090       2,790,420       384,530  
Short-term time deposits     5,488,631       4,685,332       645,656  
Short-term investments     6,639,389       7,309,414       1,007,264  
Accounts and notes receivable, net     40,713       38,792       5,346  
Inventories     3,042       2,862       394  
Amounts due from related parties     7,258       9,206       1,269  
Prepayments and other current assets     368,260       844,978       116,441  
Total current assets     15,100,383       15,681,004       2,160,900  
Non-current assets                        
Long-term time deposits     -       773,919       106,649  
Long-term investments     1,914,530       1,832,622       252,542  
Property, equipment and software, net     1,733,786       1,609,795       221,836  
Right-of-use assets, net     302,856       240,500       33,142  
Intangible assets, net     252,589       243,501       33,555  
Goodwill     6,528       6,528       900  
Total non-current assets     4,210,289       4,706,865       648,624  
Total assets     19,310,672       20,387,869       2,809,524  
LIABILITIES AND SHAREHOLDERS’ EQUITY                        
Current liabilities                        
Accounts payable     110,668       92,631       12,765  
Deferred revenue     3,084,839       3,341,494       460,470  
Other payables and accrued liabilities     815,767       821,567       113,215  
Operating lease liabilities, current     180,782       150,849       20,788  
Total current liabilities     4,192,056       4,406,541       607,238  
Non-current liabilities                        
Operating lease liabilities, non-current     121,345       90,259       12,438  
Deferred tax liabilities     34,451       33,879       4,669  
Total non-current liabilities     155,796       124,138       17,107  
Total liabilities     4,347,852       4,530,679       624,345  
Total shareholders’ equity     14,962,820       15,857,190       2,185,179  
Total liabilities and shareholders’ equity     19,310,672       20,387,869       2,809,524  

 

7 


 

KANZHUN LIMITED

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)

 

    For the three months ended March 31,  
    2024     2025  
    RMB     RMB     US$  
Net cash provided by operating activities     905,541       1,003,109       138,232  
Net cash used in investing activities     (523,462 )     (678,826 )     (93,545 )
Net cash used in financing activities     (104,578 )     (85,994 )     (11,850 )
Effect of exchange rate changes on cash and cash equivalents     (3,294 )     (959 )     (132 )
Net increase in cash and cash equivalents     274,207       237,330       32,705  
Cash and cash equivalents at beginning of the period     2,472,959       2,553,090       351,825  
Cash and cash equivalents at end of the period     2,747,166       2,790,420       384,530  

 

8 


 

KANZHUN LIMITED

Unaudited Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except share and per share data)

 

    For the three months ended March 31,  
    2024     2025  
    RMB     RMB     US$  
Income from operations     103,593       439,785       60,604  
Add: Share-based compensation expenses     288,977       251,763       34,693  
Adjusted income from operations     392,570       691,548       95,297  
                         
Net income     241,724       512,094       70,569  
Add: Share-based compensation expenses     288,977       251,763       34,693  
Adjusted net income     530,701       763,857       105,262  
                         
Net income attributable to ordinary shareholders of KANZHUN LIMITED     244,951       518,134       71,401  
Add: Share-based compensation expenses     288,977       251,763       34,693  
Adjusted net income attributable to ordinary shareholders of KANZHUN LIMITED     533,928       769,897       106,094  
Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP)                        
—Basic     880,732,849       870,991,355       870,991,355  
—Diluted     907,305,397       895,586,531       895,586,531  
Adjusted net income per ordinary share attributable to ordinary shareholders                        
—Basic     0.61       0.88       0.12  
—Diluted     0.59       0.86       0.12  
Adjusted net income per ADS attributable to ordinary shareholders                        
—Basic     1.21       1.77       0.24  
—Diluted     1.18       1.72       0.24  

 

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