Kanzhun Limited (BOSS Zhipin-W, 02076) released its 2025 Form 20-F, highlighting another year of double-digit top-line growth and a sharp rise in profitability.

Revenue Performance – 2025 revenue rose 12.4% to RMB 8.27 billion (US$1.18 billion). – Online recruitment services to enterprise customers contributed 99.1% of revenue, climbing 12.7% to RMB 8.19 billion. – Other services, mainly value-added tools for job seekers, generated RMB 74.80 million.

Profitability – Net income surged 71.7% year-on-year to RMB 2.69 billion, equating to an effective net margin of 32.5%. – Operating income more than doubled to RMB 2.46 billion, driven by lower sales-and-marketing spending (down 18.3%) and reduced R&D expenses (down 8.9%). – Diluted earnings per ordinary share reached RMB 2.95.

User Metrics – Average monthly active users (MAU) increased 14.5% to 60.7 million. – Paid enterprise customers grew 11.5% to 6.8 million; key accounts (annual spend ≥ RMB 50,000) rose 11.6% to 10,567 and supplied 25.0% of total revenue.

Balance Sheet & Cash Flow – Cash, cash equivalents, short-term deposits and investments totaled RMB 19.95 billion (US$2.86 billion) at year-end. – Operating cash flow reached RMB 4.55 billion, up 28.5% from 2024. – Capital expenditures fell to RMB 119 million after heavy infrastructure build-outs in prior years.

Capital Management – July 2025 Hong Kong share offer raised net proceeds of HK$2.2 billion. – Full-year dividend of US$0.084 per ordinary share (US$0.168 per ADS) paid in October, totaling about US$77.9 million. – Ongoing share-buyback authorization increased to US$400 million, with RMB 71.77 million spent repurchasing shares in 2025.

Tax & Regulation – Income-tax expense rose to RMB 509.75 million; the figure includes a RMB 37.6 million top-up tax under Hong Kong’s Pillar Two rules effective 2025. – The company confirmed that all key Chinese licences—ICP, human-resource service and others—remain in force.

Outlook Highlights (From Annual Report Narrative) – Management will continue investing in AI-driven matching technology and expanding blue-collar and campus-recruitment user bases. – No financial guidance was provided.

Kanzhun’s filing also reaffirmed its VIE structure, overseas listing compliance, and the absence of material legal proceedings after settlement of a 2021 U.S. securities suit.