BEIJING,
Fourth Quarter and Full Year 2025 Highlights
- Total paid enterprise customers1 in the twelve months ended
December 31, 2025 were 6.8 million, an increase of 11.5% from 6.1 million in the twelve months endedDecember 31, 2024 . - Average monthly active users (MAU)2 for the fourth quarter of 2025 were 58.0 million, an increase of 10.1% from 52.7 million for the same quarter of 2024.
Average MAU for the full year of 2025 were 60.7 million, an increase of 14.5% from 53.0 million for the full year of 2024.
- Revenues for the fourth quarter of 2025 were
RMB2,078.5 million (US$297.2 million ), an increase of 14.0% fromRMB1,823.6 million for the same quarter of 2024.
Revenues for the full year of 2025 wereRMB8,267.5 million (US$1,182.2 million ), an increase of 12.4% fromRMB7,355.7 million for the full year of 2024.
- Income from operations for the fourth quarter of 2025 was
RMB686.0 million (US$98.1 million ), an increase of 80.2% fromRMB380.6 million for the same quarter of 2024. Adjusted3 income from operations for the fourth quarter of 2025 wasRMB900.1 million (US$128.7 million ), an increase of 36.6% fromRMB658.8 million for the same quarter of 2024.
Income from operations for the full year of 2025 wasRMB2,464.1 million (US$352.4 million ), an increase of 110.1% fromRMB1,172.9 million for the full year of 2024. Adjusted income from operations for the full year of 2025 wasRMB3,376.1 million (US$482.8 million ), an increase of 45.7% fromRMB2,316.6 million for the full year of 2024.
- Net income for the fourth quarter of 2025 was
RMB691.8 million (US$98.9 million ), an increase of 55.7% fromRMB444.2 million for the same quarter of 2024. Adjusted net income for the fourth quarter of 2025 wasRMB905.9 million (US$129.5 million ), an increase of 25.4% fromRMB722.4 million for the same quarter of 2024.
Net income for the full year of 2025 wasRMB2,690.5 million (US$384.7 million ), an increase of 71.7% fromRMB1,567.0 million for the full year of 2024. Adjusted net income for the full year of 2025 wasRMB3,602.5 million (US$515.1 million ), an increase of 32.9% fromRMB2,710.7 million for the full year of 2024.
Mr.
The Company continues to increase shareholder returns, planning to allocate no less than 50% of the previous year’s adjusted net income annually to share buybacks and dividends over the next three years starting from 2026, while raising the buyback limit to
Ms. Wenbei Wang, Deputy Chief Financial Officer of the Company, elaborated, “In the fourth quarter and full year of 2025, we delivered strong sets of financials, with quality growth for both top-line and profitability. Driven by continued user penetration and enhanced monetization capabilities through service innovation, the Company’s annual revenue grew by 12.4% year over year, further solidifying our industry-leading position as China’s largest online recruitment platform. The full-year profit margin reached record high and increased significantly year over year, demonstrating the strong operating leverage and superior cost control capabilities driven by our robust double-sided network effects.”
_____________________________
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.”
Fourth Quarter 2025 Financial Results
Revenues
Revenues were
- Revenues from online recruitment services to enterprise customers were
RMB2,066.9 million (US$295.6 million ) for the fourth quarter of 2025, representing an increase of 14.6% fromRMB1,804.1 million for the same quarter of 2024. This increase was mainly driven by the paid enterprise customer growth. - Revenues from other services, primarily comprising paid value-added services offered to job seekers, were
RMB11.6 million (US$1.7 million ) for the fourth quarter of 2025, decreasing fromRMB19.5 million for the same quarter of 2024. The decrease was mainly driven by the optimization of certain value-added features. The Company simplified these offerings to enhance the value proposition for job seekers, prioritizing platform engagement and long-term ecosystem growth.
Operating cost and expenses
Total operating cost and expenses were
- Cost of revenues was
RMB309.1 million (US$44.2 million ) for the fourth quarter of 2025, representing a decrease of 1.5% fromRMB313.7 million for the same quarter of 2024, primarily due to a decrease in employee-related expenses, partially offset by an increase in payment processing cost. - Sales and marketing expenses were
RMB388.6 million (US$55.6 million ) for the fourth quarter of 2025, representing a decrease of 8.8% fromRMB426.3 million for the same quarter of 2024, primarily due to a decrease in employee-related expenses, partially offset by an increase in advertising and marketing expenses. - Research and development expenses were
RMB406.0 million (US$58.1 million ) for the fourth quarter of 2025, representing a decrease of 7.8% fromRMB440.4 million for the same quarter of 2024, primarily due to a decrease in employee-related expenses, partially offset by an increase in server depreciation expenses. - General and administrative expenses were
RMB256.1 million (US$36.6 million ) for the fourth quarter of 2025, representing a decrease of 7.1% fromRMB275.8 million for the same quarter of 2024, primarily due to a decrease in employee-related expenses.
Income from operations and adjusted income from operations
Income from operations was
Adjusted income from operations was
Income tax expenses
Income tax expenses were
Net income and adjusted net income
Net income was
Adjusted net income was
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 fourth quarter of 2025 were
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders for the fourth quarter of 2025 were
Net cash provided by operating activities
Net cash provided by operating activities was
Cash position
Balance of cash and cash equivalents, short-term time deposits and short-term investments was
Full Year 2025 Financial Results
Revenues
Revenues were
- Revenues from online recruitment services to enterprise customers were
RMB8,192.7 million (US$1,171.5 million ) for the full year of 2025, representing an increase of 12.7% fromRMB7,270.0 million for the full year of 2024. This increase was mainly driven by the paid enterprise customer growth. - Revenues from other services, primarily comprising paid value-added services offered to job seekers, were
RMB74.8 million (US$10.7 million ) for the full year of 2025, decreasing fromRMB85.7 million for the full year of 2024. The decrease was mainly driven by the optimization of certain value-added features. The Company simplified these offerings to enhance the value proposition for job seekers, prioritizing platform engagement and long-term ecosystem growth.
Operating cost and expenses
Total operating cost and expenses were
- Cost of revenues was
RMB1,235.2 million (US$176.6 million ) for the full year of 2025, remaining relatively stable compared withRMB1,239.7 million for the full year of 2024. The decreases in employee-related expenses and rental expenses were largely offset by the increase in payment processing cost. - Sales and marketing expenses were
RMB1,693.2 million (US$242.1 million ) for the full year of 2025, representing a decrease of 18.3% fromRMB2,073.1 million for the full year of 2024, primarily due to decreases in advertising and marketing expenses, employee-related expenses and rental expenses. - Research and development expenses were
RMB1,653.6 million (US$236.5 million ) for the full year of 2025, representing a decrease of 8.9% fromRMB1,815.8 million for the full year of 2024, primarily due to a decrease in employee-related expenses. - General and administrative expenses were
RMB1,199.4 million (US$171.5 million ) for the full year of 2025, representing an increase of 9.6% fromRMB1,093.9 million for the full year of 2024, primarily due to an impairment of intangible assets.
Income from operations and adjusted income from operations
Income from operations was
Adjusted income from operations was
Income tax expenses
Income tax expenses were
Net income and adjusted net income
Net income was
Adjusted net income was
Net income per ADS and adjusted net income per ADS
Basic and diluted net income per ADS attributable to ordinary shareholders for the full year of 2025 were
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders for the full year of 2025 were
Net cash provided by operating activities
Net cash provided by operating activities was
Annual Dividend Policy and Share Repurchase Program
The board of directors (the “Board”) of the Company has approved an annual dividend policy (the “Dividend Policy”), pursuant to which the Board intends to declare and distribute a dividend each year in accordance with the memorandum and articles of association of the Company and applicable laws and regulations. Under the Dividend Policy, the determination to make dividend distributions and the amount of such distributions in any particular annual period will be made at the discretion of the Board upon review of the Company’s operations and earnings, cash flow, financial condition and other relevant factors.
Under the Dividend Policy, and subject to the Board’s final determination and the prevailing market conditions, the Company currently expects that for each of the next three years starting from 2026, to allocate no less than 50% of the Company’s adjusted net income (a non-GAAP financial measure) of the preceding fiscal year for distribution of dividend and share repurchases.
The Board may adjust its share repurchase and dividend plan at its discretion based on financial performance, capital requirements, market conditions and other relevant factors, and will provide timely update to shareholders of the Company as and when appropriate in accordance with applicable laws and regulations.
On
Outlook
For the first quarter of 2026, the Company currently expects its total revenues to be between
Conference Call Information
The Company will host a conference call at
Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BI4c5b047965fc423ea1aa4f7ec2d0e319
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.
Exchange Rate
This press release contains translations of certain RMB amounts into
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
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
About
For investor and media inquiries, please contact:
Investor Relations
Email: ir@kanzhun.com
PIACENTE FINANCIAL COMMUNICATIONS
Email: kanzhun@tpg-ir.com
Unaudited Condensed Consolidated Statements of Operations (All amounts in thousands, except share and per share data) | ||||||||||||||||||
| For the three months ended | For the year ended | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Revenues | ||||||||||||||||||
| Online recruitment services to enterprise customers | 1,804,114 | 2,066,890 | 295,561 | 7,270,026 | 8,192,714 | 1,171,543 | ||||||||||||
| Others | 19,492 | 11,637 | 1,664 | 85,651 | 74,804 | 10,697 | ||||||||||||
| Total revenues | 1,823,606 | 2,078,527 | 297,225 | 7,355,677 | 8,267,518 | 1,182,240 | ||||||||||||
| Operating cost and expenses | ||||||||||||||||||
| Cost of revenues(1) | (313,715 | ) | (309,097 | ) | (44,200 | ) | (1,239,712 | ) | (1,235,153 | ) | (176,625 | ) | ||||||
| Sales and marketing expenses(1) | (426,345 | ) | (388,585 | ) | (55,567 | ) | (2,073,052 | ) | (1,693,245 | ) | (242,131 | ) | ||||||
| Research and development expenses(1) | (440,360 | ) | (405,968 | ) | (58,053 | ) | (1,815,809 | ) | (1,653,601 | ) | (236,462 | ) | ||||||
| General and administrative expenses(1) | (275,835 | ) | (256,054 | ) | (36,615 | ) | (1,093,949 | ) | (1,199,367 | ) | (171,507 | ) | ||||||
| Total operating cost and expenses | (1,456,255 | ) | (1,359,704 | ) | (194,435 | ) | (6,222,522 | ) | (5,781,366 | ) | (826,725 | ) | ||||||
| Other operating income/(expenses), net | 13,210 | (32,831 | ) | (4,695 | ) | 39,791 | (22,051 | ) | (3,153 | ) | ||||||||
| Income from operations | 380,561 | 685,992 | 98,095 | 1,172,946 | 2,464,101 | 352,362 | ||||||||||||
| Interest and investment income, net | 156,464 | 171,546 | 24,531 | 625,282 | 705,963 | 100,951 | ||||||||||||
| Foreign exchange (loss)/gain | (132 | ) | 7,302 | 1,044 | (68 | ) | 11,161 | 1,596 | ||||||||||
| Other (expenses)/income, net | (1,925 | ) | (8,592 | ) | (1,229 | ) | 34,500 | 18,987 | 2,715 | |||||||||
| Income before income tax expenses | 534,968 | 856,248 | 122,441 | 1,832,660 | 3,200,212 | 457,624 | ||||||||||||
| Income tax expenses | (90,743 | ) | (164,469 | ) | (23,519 | ) | (265,634 | ) | (509,745 | ) | (72,893 | ) | ||||||
| Net income | 444,225 | 691,779 | 98,922 | 1,567,026 | 2,690,467 | 384,731 | ||||||||||||
| Net loss attributable to non-controlling interests | 5,383 | 2,396 | 343 | 17,638 | 44,873 | 6,417 | ||||||||||||
| Net income attributable to ordinary shareholders of | 449,608 | 694,175 | 99,265 | 1,584,664 | 2,735,340 | 391,148 | ||||||||||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||||||||||||
| — Basic | 874,099,493 | 928,924,405 | 928,924,405 | 881,882,225 | 901,033,318 | 901,033,318 | ||||||||||||
| — Diluted | 898,715,743 | 956,104,965 | 956,104,965 | 909,228,757 | 926,992,531 | 926,992,531 | ||||||||||||
| Net income per ordinary share attributable to ordinary shareholders | ||||||||||||||||||
| — Basic | 0.51 | 0.75 | 0.11 | 1.80 | 3.04 | 0.43 | ||||||||||||
| — Diluted | 0.50 | 0.73 | 0.10 | 1.74 | 2.95 | 0.42 | ||||||||||||
| Net income per ADS(2) attributable to ordinary shareholders | ||||||||||||||||||
| — Basic | 1.03 | 1.49 | 0.21 | 3.59 | 6.07 | 0.87 | ||||||||||||
| — Diluted | 1.00 | 1.45 | 0.21 | 3.49 | 5.90 | 0.84 | ||||||||||||
(1) Include share-based compensation expenses as follows:
| For the three months ended | For the year ended | |||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||
| Cost of revenues | 10,080 | 2,803 | 401 | 43,332 | 22,550 | 3,225 | ||||||
| Sales and marketing expenses | 71,209 | 57,013 | 8,153 | 280,668 | 239,800 | 34,291 | ||||||
| Research and development expenses | 106,079 | 74,235 | 10,615 | 421,411 | 317,653 | 45,424 | ||||||
| General and administrative expenses | 90,830 | 80,051 | 11,447 | 398,274 | 331,984 | 47,473 | ||||||
| Total | 278,198 | 214,102 | 30,616 | 1,143,685 | 911,987 | 130,413 | ||||||
(2) Each ADS represents two Class A ordinary shares.
Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands) | ||||||
| As of | ||||||
| 2024 | 2025 | |||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 2,553,090 | 4,104,917 | 586,995 | |||
| Short-term time deposits | 5,488,631 | 6,390,158 | 913,780 | |||
| Short-term investments | 6,639,389 | 9,450,244 | 1,351,367 | |||
| Accounts and notes receivable, net | 40,713 | 33,137 | 4,739 | |||
| Inventories | 3,042 | 2,395 | 342 | |||
| Amounts due from related parties | 7,258 | 9,241 | 1,321 | |||
| Prepayments and other current assets | 368,260 | 365,205 | 52,224 | |||
| Total current assets | 15,100,383 | 20,355,297 | 2,910,768 | |||
| Non-current assets | ||||||
| Long-term time deposits | - | 782,460 | 111,890 | |||
| Long-term investments | 1,914,530 | 1,898,178 | 271,436 | |||
| Property, equipment and software, net | 1,733,786 | 1,245,022 | 178,036 | |||
| Right-of-use assets, net | 302,856 | 161,452 | 23,087 | |||
| Intangible assets, net | 252,589 | 100,909 | 14,430 | |||
| 6,528 | 6,528 | 934 | ||||
| Deferred tax assets | - | 18,168 | 2,598 | |||
| Total non-current assets | 4,210,289 | 4,212,717 | 602,411 | |||
| Total assets | 19,310,672 | 24,568,014 | 3,513,179 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | 110,668 | 119,966 | 17,155 | |||
| Deferred revenue | 3,084,839 | 3,235,959 | 462,736 | |||
| Other payables and accrued liabilities | 815,767 | 921,319 | 131,747 | |||
| Operating lease liabilities, current | 180,782 | 94,016 | 13,444 | |||
| Total current liabilities | 4,192,056 | 4,371,260 | 625,082 | |||
| Non-current liabilities | ||||||
| Operating lease liabilities, non-current | 121,345 | 64,027 | 9,156 | |||
| Deferred tax liabilities | 34,451 | 51,689 | 7,391 | |||
| Total non-current liabilities | 155,796 | 115,716 | 16,547 | |||
| Total liabilities | 4,347,852 | 4,486,976 | 641,629 | |||
| Total shareholders’ equity | 14,962,820 | 20,081,038 | 2,871,550 | |||
| Total liabilities and shareholders’ equity | 19,310,672 | 24,568,014 | 3,513,179 | |||
Unaudited Condensed Consolidated Statements of Cash Flows (All amounts in thousands) | ||||||||||||||||||
| For the three months ended December 31, | For the year ended | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Net cash provided by operating activities | 956,108 | 1,323,571 | 189,268 | 3,542,495 | 4,552,371 | 650,980 | ||||||||||||
| Net cash used in investing activities | (723,128 | ) | (1,437,929 | ) | (205,621 | ) | (2,016,899 | ) | (4,608,212 | ) | (658,966 | ) | ||||||
| Net cash (used in)/provided by financing activities | (520,351 | ) | (456,492 | ) | (65,278 | ) | (1,460,539 | ) | 1,654,508 | 236,592 | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | 24,303 | (22,318 | ) | (3,191 | ) | 15,074 | (46,840 | ) | (6,698 | ) | ||||||||
| Net (decrease)/increase in cash and cash equivalents | (263,068 | ) | (593,168 | ) | (84,822 | ) | 80,131 | 1,551,827 | 221,908 | |||||||||
| Cash and cash equivalents at beginning of the period | 2,816,158 | 4,698,085 | 671,817 | 2,472,959 | 2,553,090 | 365,087 | ||||||||||||
| Cash and cash equivalents at end of the period | 2,553,090 | 4,104,917 | 586,995 | 2,553,090 | 4,104,917 | 586,995 | ||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands, except share and per share data) | ||||||||||||
| For the three months ended | For the year ended | |||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||
| Income from operations | 380,561 | 685,992 | 98,095 | 1,172,946 | 2,464,101 | 352,362 | ||||||
| Add: Share-based compensation expenses | 278,198 | 214,102 | 30,616 | 1,143,685 | 911,987 | 130,413 | ||||||
| Adjusted income from operations | 658,759 | 900,094 | 128,711 | 2,316,631 | 3,376,088 | 482,775 | ||||||
| Net income | 444,225 | 691,779 | 98,922 | 1,567,026 | 2,690,467 | 384,731 | ||||||
| Add: Share-based compensation expenses | 278,198 | 214,102 | 30,616 | 1,143,685 | 911,987 | 130,413 | ||||||
| Adjusted net income | 722,423 | 905,881 | 129,538 | 2,710,711 | 3,602,454 | 515,144 | ||||||
| Net income attributable to ordinary shareholders of | 449,608 | 694,175 | 99,265 | 1,584,664 | 2,735,340 | 391,148 | ||||||
| Add: Share-based compensation expenses | 278,198 | 214,102 | 30,616 | 1,143,685 | 911,987 | 130,413 | ||||||
| Adjusted net income attributable to ordinary shareholders of | 727,806 | 908,277 | 129,881 | 2,728,349 | 3,647,327 | 521,561 | ||||||
| Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP) | ||||||||||||
| — Basic | 874,099,493 | 928,924,405 | 928,924,405 | 881,882,225 | 901,033,318 | 901,033,318 | ||||||
| — Diluted | 898,715,743 | 956,104,965 | 956,104,965 | 909,228,757 | 926,992,531 | 926,992,531 | ||||||
| Adjusted net income per ordinary share attributable to ordinary shareholders | ||||||||||||
| — Basic | 0.83 | 0.98 | 0.14 | 3.09 | 4.05 | 0.58 | ||||||
| — Diluted | 0.81 | 0.95 | 0.14 | 3.00 | 3.93 | 0.56 | ||||||
| Adjusted net income per ADS attributable to ordinary shareholders | ||||||||||||
| — Basic | 1.67 | 1.96 | 0.28 | 6.19 | 8.10 | 1.16 | ||||||
| — Diluted | 1.62 | 1.90 | 0.27 | 6.00 | 7.87 | 1.13 | ||||||
