Exhibit 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the unaudited condensed consolidated financial statements and the related notes for the same periods included in Exhibit 99.2 to our current report on Form 6-K filed with the U.S. Securities and Exchange Commission on June 24, 2025 and “Item 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F for the fiscal year ended December 31, 2024. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors.

Key Factors Affecting Our Results of Operations

Our business and results of operations are affected by a number of general factors that impact China’s online recruitment service market, including, among others:

Unfavorable changes in any of these general conditions could negatively impact demand for our services and materially and adversely affect our results of operations. While our business is influenced by these general factors, our results of operations are more directly affected by the following company-specific factors.

Our ability to expand our large and active user base and enhance user engagement

A large and active user base is the core reason why enterprise users and job seekers are attracted to and continue to use our online recruitment platform, as enterprise users primarily look for a large talent pool to recruit from and job seekers value access to a multitude of actively hiring employers when using recruitment services. We believe it is important to grow our monthly active users (“MAU”), which we view as a key indicator of the size of our active user base, in order to support our business development. MAU refers to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our mobile application in a given month at least once. For the three months ended March 31, 2025, our average MAU was 57.6 million, representing an increase of 23.6% from 46.6 million for the same period of 2024. Whether we can continue to grow our MAU mainly depends on our ability to provide high-quality user experience. To this end, we will continue to focus on providing a personalized user experience through enhancing our big data technology capabilities that power the recommendation engine, offering more efficient and flexible communication methods for our users, and improving the reliability of our online recruitment platform.

The growth of paid enterprise customers

Growth in the number of paid enterprise customers is a key driver of our revenue growth, as most of our revenues come from providing online recruitment services to paid enterprise customers. Paid enterprise customers refer to enterprise users and company accounts from which we recognize revenues for online recruitment services. The continued growth of our business therefore depends on the growth of paid enterprise customers. Our paid enterprise customers grew by 12.3% from 5.7 million in the twelve months ended March 31, 2024 to 6.4 million in the twelve months ended March 31, 2025. In order to improve the growth of paid enterprise customers, we will continue to focus our resources on maintaining relationships with existing enterprise users, improving service quality, converting free enterprise users and their companies to paid enterprise customers, exploring new services, features and functionalities responsive to user needs, promoting awareness of our brands, and marketing our services to a wider user group and in more geographical markets.

Our ability to expand our services to existing paid enterprise customers

We believe that there is a significant opportunity for cross selling more of our online recruitment services to our existing paid enterprise customers. Among our paid enterprise customers, those who contributed revenues of RMB5,000 or more to us in a twelve-month period ended on the end of a given period historically accounted for the majority of our revenue source. Paid enterprise customers who contributed RMB5,000 or more, but less than RMB50,000 of revenues to us in a twelve-month period ended on the end of a given period, or mid-sized accounts, contributed 34.3% and 33.1% of our total revenues for the three months ended March 31, 2024 and 2025, respectively. In addition, paid enterprise customers who contributed RMB50,000 or more of revenues to us in a twelve-month period ended on the end of a given period, or key accounts, contributed 22.0% and 23.7% of our total revenues for the three months ended March 31, 2024 and 2025, respectively. We value key accounts because they typically are large enterprises with steady demand for our online recruitment services and a stable recruiting budget. The solid revenue contribution of mid-sized accounts and key accounts speaks to the importance of expanding our services to existing paid enterprise customers, which will increase their spending. To expand our services to existing paid enterprise customers, we plan to introduce new service offerings, better educate existing paid enterprise customers about the value of additional services, and recommend more customized services to each paid enterprise customer based on analysis of its historical hiring behaviors.

Our ability to promote our brands and market our services more effectively

Our investment in branding, marketing and promotional activities contributes to our user acquisition, and whether such investment is cost-effective has a significant impact on our results of operations. To achieve maximum return for our branding and marketing investments, we set and adjust our branding and marketing strategies based on data analytics of factors such as occupational structure, average income of target demographics, and characteristics of different marketing channels. Our advertising expenses as a percentage of revenues decreased for the three months ended March 31, 2025 compared to the same period of 2024. The declining proportion of our advertising expenses to revenues signifies higher efficiency of our advertising and marketing activities. We will continue to monitor and manage our advertising expenses.

Our ability to enhance our operating efficiency

Our results of operations are further affected by our operating efficiency in aspects other than sales and marketing, as measured by our total operating cost and expenses excluding sales and marketing expenses as a percentage of our revenues. Our total operating cost and expenses excluding sales and marketing expenses decreased as a percentage of our revenues for the three months ended March 31, 2025 compared to the same period of 2024. As our business grows further, we expect to improve the efficiency and utilization of our personnel, and leverage our scale to achieve greater operating leverage.

Key Components of Results of Operations

Revenues

We derive most of our revenues from paid enterprise customers on our online recruitment platform. We provide online recruitment services to enterprise customers that allow them to access and interact with job seekers and better manage their recruitment process. The following table sets forth the components of our revenues by amounts and percentages of our total revenues for the periods presented.

(1) Unless otherwise stated, all translations from RMB to U.S. dollars in this document are made at a rate of RMB7.2567 to US$1.00, which is the exchange rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

Operating cost and expenses

Our operating cost and expenses consist of cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses.

Cost of revenues. Our cost of revenues primarily consists of payment processing cost, payroll and other employee-related expenses, server and bandwidth service cost and server depreciation.

Sales and marketing expenses. Our sales and marketing expenses primarily consist of (i) payroll and other employee-related expenses for our sales and marketing staff, (ii) advertising expenses, including expenses relating to branding activities and online traffic acquisition, and (iii) other miscellaneous expenses for our sales functions.

Research and development expenses. Our research and development expenses primarily consist of (i) payroll and other employee-related expenses for our research and development staff and (ii) investment related with technology.

General and administrative expenses. Our general and administrative expenses primarily consist of payroll and other employee-related expenses for our managerial and administrative staff.

Results of Operations

The following table sets forth a summary of our consolidated results of operations for the periods presented, both in absolute amounts and as percentages of our total revenues. The results of operations in any particular period are not necessarily indicative of our future trends.

(1)       Share-based compensation expenses were allocated as follows:

Period-to-Period Comparison of Results of Operations

Three months ended March 31, 2025 compared to three months ended March 31, 2024

Revenues

Our revenues were RMB1,923.3 million (US$265.0 million) for the three months ended March 31, 2025, representing an increase of 12.9% from RMB1,703.8 million for the same period of 2024. Specifically, revenues from online recruitment services to enterprise customers were RMB1,901.4 million (US$262.0 million) for the three months ended March 31, 2025, representing an increase of 12.9% from RMB1,684.1 million for the same period 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 three months ended March 31, 2025, representing an increase of 11.2% from RMB19.7 million for the same period of 2024, mainly benefiting from expanded user base.

Cost of revenues

Our cost of revenues was RMB310.8 million (US$42.8 million) for the three months ended March 31, 2025, representing an increase of 5.2% from RMB295.4 million for the same period of 2024, primarily due to an increase in payment processing cost.

Sales and marketing expenses

Our sales and marketing expenses were RMB491.2 million (US$67.7 million) for the three months ended March 31, 2025, representing a decrease of 15.2% from RMB579.3 million for the same period of 2024, primarily due to decreases in advertising and marketing expenses and employee-related expenses.

Research and development expenses

Our research and development expenses were RMB423.6 million (US$58.4 million) for the three months ended March 31, 2025, representing a decrease of 9.4% from RMB467.6 million for the same period of 2024, primarily due to decreases in employee-related expenses and investments in technology.

General and administrative expenses

Our general and administrative expenses were RMB265.5 million (US$36.6 million) for the three months ended March 31, 2025, remaining relatively stable compared to RMB270.5 million for the same period of 2024.

Income from operations

As a result of the foregoing, our income from operations was RMB439.8 million (US$60.6 million) for the three months ended March 31, 2025, representing an increase of 324.5% from RMB103.6 million for the same period of 2024.

Interest and investment income

Our interest and investment income was RMB149.5 million (US$20.6 million) for the three months ended March 31, 2025, as compared to RMB156.1 million for the same period of 2024.

Income tax expenses

Our income tax expenses were RMB76.0 million (US$10.5 million) for the three months ended March 31, 2025, as compared to RMB17.7 million for the same period of 2024.

Net income

Our net income was RMB512.1 million (US$70.6 million) for the three months ended March 31, 2025, representing an increase of 111.9% from RMB241.7 million for the same period of 2024.

Non-GAAP Financial Measures

In evaluating the business, we consider and use non-GAAP financial measures, such as adjusted income from operations and adjusted net income as supplemental measures to review and assess operating performance. We define 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. We believe that these non-GAAP financial measures help identify underlying trends in the business and facilitate investors’ assessment of our 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.

The following table reconciles non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP for the periods indicated.

Cash Flows

The following table sets forth a summary of our cash flows for the periods presented:        

Operating activities

Net cash provided by operating activities for the three months ended March 31, 2025 was RMB1.0 billion (US$138.2 million). The difference between this net cash provided by operating activities and net income of RMB512.1 million (US$70.6 million) for the same period was due to adjustments for non-cash items that primarily included share-based compensation expenses of RMB251.8 million (US$34.7 million), depreciation and amortization expenses of long-lived assets of RMB135.0 million (US$18.6 million), interest and investment income of RMB55.9 million (US$7.7 million), and amortization of right-of-use assets of RMB41.4 million (US$5.7 million), as well as cash released from a decrease in working capital mainly resulting from an increase of RMB256.7 million (US$35.4 million) in deferred revenue and an increase of RMB114.9 million (US$15.8 million) in accounts payable and other payables and accrued liabilities, partially offset by an increase of RMB325.2 million (US$44.8 million) in prepayments and other current assets and a decrease of RMB40.1 million (US$5.5 million) in operating lease liabilities.

Investing activities    

Net cash used in investing activities for the three months ended March 31, 2025 was RMB678.8 million (US$93.5 million), primarily due to purchases of time deposits of RMB3.6 billion (US$502.0 million) and purchases of short-term and long-term investments of RMB2.8 billion (US$391.4 million), partially offset by maturities of time deposits of RMB3.6 billion (US$489.3 million) and maturities of short-term and long-term investments of RMB2.3 billion (US$315.6 million).

Financing activities

Net cash used in financing activities for the three months ended March 31, 2025 was RMB86.0 million (US$11.9 million), primarily attributable to the payment for share repurchases of RMB93.4 million (US$12.9 million), partially offset by proceeds from the exercise of share-based awards of RMB7.4 million (US$1.0 million).

Capital expenditures

Our capital expenditures primarily consist of purchases of servers and other electronic equipment. We incurred capital expenditures of RMB36.5 million (US$5.0 million) for the three months ended March 31, 2025. We plan to continue to incur capital expenditures in the future to meet our business growth. We intend to fund our future capital expenditures primarily with our existing cash balance and anticipated cash generated from operating activities.

Material cash requirements

Our material cash requirements as of March 31, 2025 primarily include operating lease obligations and advertising commitments. Our operating lease obligations primarily represent our obligations under the lease agreements for our office premises. Advertising commitments relate to purchase obligations for advertising services. We intend to fund our existing and future material cash requirements primarily with our existing cash balance and anticipated cash flows from operations.

The following table sets forth our contractual obligations as of March 31, 2025:

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We do not have retained or contingent interests in assets transferred. We have not entered into contractual arrangements that support the credit, liquidity or market risk for transferred assets. We do not have obligations that arise or could arise from variable interests held in an unconsolidated entity, or obligations related to derivative instruments that are both indexed to and classified in our own equity, or not reflected in the statement of financial position.

Except for those disclosed above, we did not have any significant capital or other commitments, long-term obligations, or guarantees as of March 31, 2025.

Taxation

Cayman Islands

The Cayman Islands currently levies no taxes on corporations based upon profits, income, gains, or appreciation. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties, which may be applicable on instruments executed in, or brought within the jurisdiction of, the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Hong Kong

Our subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax for taxable income earned. Additionally, payments of dividends by our subsidiaries in Hong Kong to our company are not subject to any Hong Kong withholding tax. No provision for Hong Kong profits tax was made as we had no estimated assessable profit that was subject to Hong Kong profits tax during the three months ended March 31, 2025.

PRC

Under the PRC Enterprise Income Tax Law effective from January 1, 2008, and amended on February 24, 2017 and December 29, 2018, our mainland China subsidiaries and the VIE, Beijing Huapin Borui Network Technology Co., Ltd., are subject to the statutory rate of 25%, subject to preferential tax treatments available to qualified enterprises as stipulated under PRC tax laws and regulations.

Enterprises that qualify as “high and new technology enterprises” are entitled to a preferential rate of 15% for three years. Enterprises that qualify as “small low-profit enterprises” are entitled to a preferential rate of 20%.

Beijing Huapin Borui Network Technology Co., Ltd., was certified as a “high and new technology enterprise” and accordingly was eligible for a preferential tax rate of 15% for the three months ended March 31, 2025. The preferential tax treatment continues as long as an enterprise can retain its “high and new technology enterprise” status. Our WFOE, Beijing Highland Wolf Technology Co., Ltd., was subject to an enterprise income tax rate of 25% for the three months ended March 31, 2025.

If our company in the Cayman Islands or any of our subsidiaries outside of mainland China were deemed a “resident enterprise” under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.

We are subject to value-added tax at a rate of approximately 3% for small-scale-value-added-tax-payer entities or 6% for general-value-added-tax-payer entities on the services we provide to our customers, less any deductible value-added tax we have already paid or borne in accordance with laws of mainland China. We are also subject to surcharges on value-added tax payments in accordance with laws of mainland China.

Pursuant to the PRC Enterprise Income Tax Law and the Arrangement between the Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, a 5% or 10% withholding tax is levied on dividends declared to our intermediary holding company in Hong Kong from mainland China effective from January 1, 2008.

Exhibit 99.2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

KANZHUN LIMITED (the “Company”) was incorporated under the laws of the Cayman Islands with limited liability on January 16, 2014. The Company, through its subsidiaries, consolidated variable interest entity (the “VIE”) and VIE’s subsidiaries (collectively referred to as the “Group”), is primarily engaged in providing online recruitment services through a platform named “BOSS Zhipin” in the People’s Republic of China (the “PRC” or “China”).

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with Article 10 of Regulation S-X. The unaudited condensed consolidated financial statements include financial statements of the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries for which the Company is the ultimate primary beneficiary, and have been prepared on the same basis as the audited consolidated financial statements of the preceding fiscal year and include all adjustments necessary for a fair statement of results for the periods presented. The consolidated balance sheet as of December 31, 2024 was derived from the audited financial statements at that date but does not include all the information and notes required by U.S. GAAP. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024. Significant accounting policies applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. The interim results are not necessarily indicative of the results of operations expected for the full year or any future periods.

Translations of the unaudited condensed consolidated balance sheets, the unaudited condensed consolidated statements of comprehensive income and the unaudited condensed consolidated statements of cash flows from RMB into US$ as of and for the three months ended March 31, 2025 are solely for the convenience of the readers, and were calculated at the rate of RMB7.2567 per US$1.00 on March 31, 2025 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate or at any other rate.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On February 6, 2024, the Group completed the acquisition of approximately 77% of equity interest of W.D Technology Investment Group Limited, which is principally engaged in providing blue-collar recruitment services. The consideration of this acquisition was approximately US$52.7 million (approximately RMB374.3 million). The Group obtained control of the investee since it held majority of the investee’s equity interest and was entitled to assign majority of the board members, one of whom shall be the chief executive officer of the investee.

The acquisition was accounted for as a business acquisition using the acquisition method of accounting. The consideration of the acquisition was allocated based on the fair value of assets acquired and liabilities assumed as of the acquisition date as follows:

Net assets acquired primarily consisted of cash and cash equivalents of RMB224.0 million, other receivables of RMB37.1 million, property, equipment and software of RMB43.3 million and other payables and accrued liabilities of RMB104.6 million.

Goodwill  arising  from  this  acquisition  was  primarily attributable to future business growth expected to be achieved from the acquisition. Goodwill was expected to be non-deductible for income tax purposes.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Depreciation expenses of property, equipment and software were RMB107.7 million and RMB125.9 million for the three months ended March 31, 2024 and 2025, respectively.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Amortization expenses of intangible assets were RMB6.2 million and RMB9.1 million for the three months ended March 31, 2024 and 2025, respectively.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Group defines enterprise customers who contributed revenues of RMB50,000 or more annually as key accounts, who contributed revenues between RMB5,000 and RMB50,000 annually as mid-sized accounts, and who contributed revenues of RMB5,000 or less annually as small-sized accounts. Revenues by source are as follows:

For revenues from online recruitment services to enterprise customers, RMB1,240.0 million and RMB1,510.2 million were recognized over time for the three months ended March 31, 2024 and 2025, respectively; RMB444.1 million and RMB391.2 million were recognized at a point in time for the three months ended March 31, 2024 and 2025, respectively.

The Group’s operating leases are primarily for offices. The components of lease expenses are as follows:

Supplemental balance sheet information related to operating leases is as follows:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Supplemental cash flow information related to operating leases is as follows:

Maturities of operating lease liabilities as of March 31, 2025 are as follows:

Cayman Islands

The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, no Cayman Islands withholding tax will be imposed upon payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax on taxable income generated from operations in Hong Kong. Additionally, payments of dividends by subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Mainland China

Under the PRC Enterprise Income Tax Law (the “EIT Law”), domestic enterprises and foreign invested enterprises are subject to a uniform enterprise income tax rate of 25%. In accordance with the implementation rules of the EIT Law, a qualified High and New Technology Enterprise (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years and could be re-applied when the prior certificate expires. The consolidated VIE, Beijing Huapin Borui Network Technology Co., Ltd., is qualified as a HNTE and enjoys a preferential income tax rate of 15% for the periods presented.

According to relevant laws and regulations promulgated by the State Taxation Administration (“STA”) of the PRC effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses incurred as tax deductible expenses (“Super R&D Deduction”) when determining their assessable profits for the year. Pursuant to the announcement issued by the STA of the PRC and other government authorities in September 2022, the Super R&D Deduction rate increased to 200% for the period from October 1, 2022 to December 31, 2022. In March 2023, the STA of the PRC further announced that the 200% Super R&D Deduction rate would continue to be applied from January 1, 2023.

Components of income tax expenses are as follows:    

In 2020, the Group adopted the 2020 Share Incentive Plan, which allows the Group to grant share-based awards to directors, employees and consultants. The Company did not grant any share-based awards pursuant to the 2020 Share Incentive Plan since the listing on the Main Board of The Stock Exchange of Hong Kong Limited in December 2022. In December 2022, the Group adopted the Post-IPO Share Scheme, which allows the Group to grant share-based awards to directors, employees and officers. The maximum number of Class A ordinary shares that may be issued under the Post-IPO Share Scheme is 86,380,904.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes activities of share options for the periods presented:

The aggregate intrinsic value is calculated as the difference between the exercise price of share options and the market value of the underlying ordinary share at each reporting date.

As of March 31, 2025, there were US$3.7 million of unrecognized compensation expenses related to share options, which are expected to be recognized over a weighted-average period of 0.20 years and may be adjusted for future forfeitures.

The following table summarizes activities of RSUs for the periods presented:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2025, there were US$241.1 million of unrecognized compensation expenses related to RSUs, which are expected to be recognized over a weighted-average period of 2.41 years and may be adjusted for future forfeitures.

The following table sets forth the allocation of share-based compensation expenses:

The computation of basic and diluted net income per share for the periods presented is as follows:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Group entered into the following material transactions with one of the Company’s major shareholder, Tencent Holdings Limited and its affiliates (“Tencent Group”):

Details of major amounts due from related parties are as follows:

Commitments

The Group engages third parties for promoting its brand image through various advertising channels. The advertising commitments contracted but not yet reflected in the unaudited condensed consolidated financial statements amounted to RMB50.3 million as of March 31, 2025.

Contingencies

The Group is subject to legal proceedings in the ordinary course of business. The Group records a liability when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. No material liabilities in this regard were recorded as of March 31, 2025.