GTHT has reiterated its "Overweight" rating on BOSS ZHIPIN-W (02076) with a target price of HK$109.66, citing better-than-expected revenue and earnings driven by improving demand. Despite restrained marketing expenditures, the company achieved its user growth targets. While revenue growth slowed due to macroeconomic fluctuations and natural mean reversion, BOSS ZHIPIN-W demonstrated strong cost control, maintaining positive core operational metrics and expanding profit margins.

Key financial highlights for Q3 2025 include: - Revenue: RMB 2.163 billion (+13.17% YoY) - GAAP net profit attributable to shareholders: RMB 806 million (+72.22% YoY) - Adjusted net profit: RMB 991 million (+34.23% YoY)

**Demand Recovery Drives Growth Acceleration** The rebound in hiring demand was the standout feature of the quarter. Key indicators of improvement include: 1. A 25% YoY increase in new job postings, with both the number of recruiters and job postings per recruiter rising YoY and QoQ. 2. From July to September 2025, daily active users (DAUs) on the recruiter side grew faster than those on the job seeker side—a first in three years. 3. Paid corporate clients increased by 13.3% YoY to 6.8 million over the past 12 months, with higher pay rates both YoY and QoQ in Q3.

**User Growth Achieved with Prudent Marketing** Despite controlled spending, BOSS ZHIPIN-W saw accelerated growth in paid corporate users and job seeker engagement, adding over 40 million new users from January to October. This reflects strong brand recognition and high platform stickiness.

Looking ahead, the company’s AI-driven matching efficiency and new product offerings are expected to further boost performance.

**Risk Factors** Potential risks include economic volatility impacting hiring demand and intensified competition in the recruitment platform sector.