Kanzhun Stock Earnings Reports

Kanzhun (BOSS Zhipin) reported a solid start to 2026 with continued user and revenue growth despite a later Chinese New Year. Key operational highlights: ~15 million newly verified users acquired Jan–Apr; MAU averaged ~16.9 million on one app and March MAU exceeded 72 million; paid enterprise customers reached 7.1 million TTM (up 10.9% YoY). Q1 revenue was RMB 2.07–2.1 billion (≈ +7.6–8% YoY) with adjusted operating income (ex-SBC) of RMB ~815 million and an adjusted operating margin of 39.4% (up 3.4 ppt YoY). Gross margin improved to ~85.6%. Net cash from operations was RMB 1.2 billion and cash-like balances were RMB 19.8 billion as of Mar 31, 2026. Management emphasized AI as a net positive for the double-sided recruitment network: AI-powered features improved conversion efficiency (cited ~50% improvement in initial-to-consent conversion) and drove double-digit increases in enterprise yield and >100% growth in AI-related role revenue. The company is pursuing a four-pillar AI strategy (invest in closed-loop placement services, in-house small models, broad AI application aligned to the two-sided ecosystem, and treating AI-driven revenue growth as a natural, sustainable process). AI-enabled closed-loop services are early but fast-growing (Q1 revenue ~RMB 50 million). Capital allocation and shareholder returns: management has repurchased >USD 200 million YTD (~3% of shares outstanding) and reiterated a multi-year return commitment (annual buybacks/dividends ≥50% of prior-year adjusted net income). Guidance: Q2 revenue expected RMB 2.38–2.42 billion (≈ +13.2–15.1% YoY). Key investor takeaways: durable user growth and monetization runway (large addressable base of underpenetrated paying enterprises), attractive operating leverage and cash generation, explicit focus and investment in AI to enhance placement outcomes (not just traffic), and continued share repurchases to return capital.