# EDGAR Filing Document

**Accession Number:** 0001842827
**File Stem:** 0001104659-26-030857
**Filing Date:** 2026-3
**Character Count:** 90699
**Document Hash:** 99fbf4e047b489966f70e51ddf12108e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-030857.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001104659-26-030857

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260318

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260318

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kanzhun Ltd
- **CENTRAL INDEX KEY:** 0001842827
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40460
- **FILM NUMBER:** 26768742

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GRANDYVIC BLDG
- **STREET 2:** TAIYANGGONG MID RD, CHAOYANG DIST
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86-10-8415-0633

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GRANDYVIC BLDG
- **STREET 2:** TAIYANGGONG MID RD, CHAOYANG DIST
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of March 2026

Commission File Number: 001-40460

**KANZHUN LIMITED**

21/F, GrandyVic Building,

Taiyanggong Middle Road

Chaoyang District, Beijing 100020

People's Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

<u>Exhibit Index</u>

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm269240d1_ex99-1.htm) | [Press Release— KANZHUN LIMITED Announces Fourth Quarter and Full Year 2025 Financial Results](tm269240d1_ex99-1.htm) |
| [99.2](tm269240d1_ex99-2.htm) | [Announcement—Annual Results Announcement for the Year Ended December 31, 2025](tm269240d1_ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **KANZHUN LIMITED** | **KANZHUN LIMITED** | **KANZHUN LIMITED** |
| By | : | /s/ Peng Zhao |
| Name | : | Peng Zhao |
| Title | : | Director and Chief Executive Officer |

---

Date: March 18, 2026

## Exhibit 99.1

**Exhibit 99.1**

**KANZHUN LIMITED Announces Fourth Quarter and Full Year 2025 Financial Results**

BEIJING, March 18, 2026 – KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.

**Fourth Quarter and Full Year 2025 Highlights**

· **Total paid enterprise customers <sup>1</sup>** 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 ended December 31,
2024. · **Average monthly active users (MAU) <sup>2</sup>** 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% from RMB1,823.6 million for the same quarter of 2024.

**Revenues** for the full year of 2025 were RMB8,267.5 million (US$1,182.2 million), an increase of 12.4% from RMB7,355.7 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% from RMB380.6 million for the same quarter of 2024. **Adjusted <sup>3</sup> income from operations** for the fourth quarter of 2025 was RMB900.1 million (US$128.7 million), an increase of 36.6% from RMB658.8
million for the same quarter of 2024.

**Income from operations** for the full year of 2025 was RMB2,464.1 million (US$352.4 million), an increase of 110.1% from RMB1,172.9 million for the full year of 2024. **Adjusted income from operations** for the full year of 2025 was RMB3,376.1 million (US$482.8 million), an increase of 45.7% from RMB2,316.6 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% from RMB444.2 million for the same quarter of 2024. **Adjusted net income** for the fourth quarter of 2025 was RMB905.9 million (US$129.5 million), an increase of 25.4% from RMB722.4 million for the same quarter
of 2024.

**Net income** for the full year of 2025 was RMB2,690.5 million (US$384.7 million), an increase of 71.7% from RMB1,567.0 million for the full year of 2024. **Adjusted net income** for the full year of 2025 was RMB3,602.5 million (US$515.1 million), an increase of 32.9% from RMB2,710.7 million for the full year of 2024.

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."

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, "Throughout 2025, the Company achieved a steady and high-quality growth. The recruitment market showed signs of a structural recovery over the year; while further penetrating the blue-collar sector, the development of emerging technologies such as AI drove growth and recovery in recruitment demand within white-collar technical industries. The Company achieved positive results in both exploring cutting-edge AI technologies and deploying AI products. Its self-developed large language model Nanbeige ranked first among HuggingFace's trending text models. On the product front, the Company leveraged AI capabilities to enhance recommendation accuracy and user experience while accelerating the commercialization of AI products.

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 US$400 million. This reflects the Company's confidence in long-term growth and its commitment to sharing the benefits of its development with shareholders."

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."

**Fourth Quarter 2025 Financial Results**

***Revenues***

Revenues were RMB2,078.5 million (US$297.2 million) for the fourth quarter of 2025, representing an increase of 14.0% from RMB1,823.6 million for the same quarter of 2024.

· **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%
from RMB1,804.1 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
from RMB19.5 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 RMB1,359.7 million (US$194.4 million) for the fourth quarter of 2025, representing a decrease of 6.6% from RMB1,456.3 million for the same quarter of 2024. Total share-based compensation expenses were RMB214.1 million (US$30.6 million) for the fourth quarter of 2025, representing a decrease of 23.0% from RMB278.2 million for the same quarter of 2024.

· **Cost of revenues** was RMB309.1 million
(US$44.2 million) for the fourth quarter of 2025, representing a decrease of 1.5% from RMB313.7 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% from RMB426.3 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% from RMB440.4 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% from RMB275.8 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 RMB686.0 million (US$98.1 million) for the fourth quarter of 2025, representing an increase of 80.2% from RMB380.6 million for the same quarter of 2024.

Adjusted income from operations was RMB900.1 million (US$128.7 million) for the fourth quarter of 2025, representing an increase of 36.6% from RMB658.8 million for the same quarter of 2024.

***Income tax expenses***

Income tax expenses were RMB164.5 million (US$23.5 million) for the fourth quarter of 2025, representing an increase of 81.4% from RMB90.7 million for the same quarter of 2024, primarily due to the growth in income before income tax expenses as well as the provision of a top-up tax of RMB37.6 million under the Pillar Two rules.

***Net income and adjusted net income***

Net income was RMB691.8 million (US$98.9 million) for the fourth quarter of 2025, representing an increase of 55.7% from RMB444.2 million for the same quarter of 2024.

Adjusted net income was RMB905.9 million (US$129.5 million) for the fourth quarter of 2025, representing an increase of 25.4% from RMB722.4 million for the same quarter of 2024.

***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 RMB1.49 (US$0.21) and RMB1.45 (US$0.21), respectively, compared to basic and diluted net income per ADS of RMB1.03 and RMB1.00 for the same quarter of 2024.

Adjusted basic and diluted net income per ADS attributable to ordinary shareholders for the fourth quarter of 2025 were RMB1.96 (US$0.28) and RMB1.90 (US$0.27), respectively, compared to adjusted basic and diluted net income per ADS of RMB1.67 and RMB1.62 for the same quarter of 2024.

***Net cash provided by operating activities***

Net cash provided by operating activities was RMB1,323.6 million (US$189.3 million) for the fourth quarter of 2025, representing an increase of 38.4% from RMB956.1 million for the same quarter of 2024.

***Cash position***

Balance of cash and cash equivalents, short-term time deposits and short-term investments was RMB19,945.3 million (US$2,852.1 million) as of December 31, 2025.

**Full Year 2025 Financial Results**

***Revenues***

Revenues were RMB8,267.5 million (US$1,182.2 million) for the full year of 2025, representing an increase of 12.4% from RMB7,355.7 million for the full year of 2024.

· **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%
from RMB7,270.0 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
from RMB85.7 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 RMB5,781.4 million (US$826.7 million) for the full year of 2025, representing a decrease of 7.1% from RMB6,222.5 million for the full year of 2024. Total share-based compensation expenses were RMB912.0 million (US$130.4 million) for the full year of 2025, representing a decrease of 20.3% from RMB1,143.7 million for the full year of 2024.

· **Cost of revenues** was RMB1,235.2 million
(US$176.6 million) for the full year of 2025, remaining relatively stable compared with RMB1,239.7 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% from RMB2,073.1 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% from RMB1,815.8 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% from RMB1,093.9 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 RMB2,464.1 million (US$352.4 million) for the full year of 2025, representing an increase of 110.1% from RMB1,172.9 million for the full year of 2024.

Adjusted income from operations was RMB3,376.1 million (US$482.8 million) for the full year of 2025, representing an increase of 45.7% from RMB2,316.6 million for the full year of 2024.

***Income tax expenses***

Income tax expenses were RMB509.7 million (US$72.9 million) for the full year of 2025, representing an increase of 91.9% from RMB265.6 million for the full year of 2024, primarily due to the growth in income before income tax expenses as well as the provision of a top-up tax of RMB37.6 million under the Pillar Two rules and withholding tax of RMB14.7 million.

***Net income and adjusted net income***

Net income was RMB2,690.5 million (US$384.7 million) for the full year of 2025, representing an increase of 71.7% from RMB1,567.0 million for the full year of 2024.

Adjusted net income was RMB3,602.5 million (US$515.1 million) for the full year of 2025, representing an increase of 32.9% from RMB2,710.7 million for the full year of 2024.

***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 RMB6.07 (US$0.87) and RMB5.90 (US$0.84), respectively, compared to basic and diluted net income per ADS of RMB3.59 and RMB3.49 for the full year of 2024.

Adjusted basic and diluted net income per ADS attributable to ordinary shareholders for the full year of 2025 were RMB8.10 (US$1.16) and RMB7.87 (US$1.13), respectively, compared to adjusted basic and diluted net income per ADS of RMB6.19 and RMB6.00 for the full year of 2024.

***Net cash provided by operating activities***

Net cash provided by operating activities was RMB4,552.4 million (US$651.0 million) for the full year of 2025, representing an increase of 28.5% from RMB3,542.5 million for the full year of 2024.

**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 March 18, 2026, the Board approved amendments to the existing share repurchase program, increasing the total authorization under the program to repurchase up to US$400 million of the Company's shares (including ADSs) over the extended term of the program through August 28, 2027, in a sign of confidence about the Company's continued growth in the future.

**Outlook**

For the first quarter of 2026, the Company currently expects its total revenues to be between RMB2.05 billion and RMB2.085 billion, representing a year-on-year increase of 6.6% to 8.4%. This forecast reflects the Company's current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

**Conference Call Information**

The Company will host a conference call at 8:00 AM U.S. Eastern Time on Wednesday, March 18, 2026 (8:00 PM Beijing Time on Wednesday, March 18, 2026) to discuss the financial results.

Participants are required to pre-register for the conference call at:

<u>https://register-conf.media-server.com/register/BI4c5b047965fc423ea1aa4f7ec2d0e319</u>

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 U.S. dollar ("US$") amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB6.9931 to US$1.00 on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

**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 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.

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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Among other things, the outlook and quotations from management in this press release contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

**About KANZHUN LIMITED**

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

**For investor and media inquiries, please contact:**

KANZHUN LIMITED

Investor Relations

Email: ir@kanzhun.com

PIACENTE FINANCIAL COMMUNICATIONS

Email: kanzhun@tpg-ir.com

**KANZHUN LIMITED**

**Unaudited Condensed Consolidated Statements of Operations**

(All amounts in thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Online recruitment services to enterprise customers | 1804114 | 2066890 | 295561 | 7270026 | 8192714 | 1171543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 19492 | 11637 | 1664 | 85651 | 74804 | 10697 |
| **Total revenues** | **1823606** | **2078527** | **297225** | **7355677** | **8267518** | **1182240** |
| **Operating cost and expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues<sup>(1)</sup> | (313715) | (309097) | (44200) | (1239712) | (1235153) | (176625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing expenses<sup>(1)</sup> | (426345) | (388585) | (55567) | (2073052) | (1693245) | (242131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses<sup>(1)</sup> | (440360) | (405968) | (58053) | (1815809) | (1653601) | (236462) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(1)</sup> | (275835) | (256054) | (36615) | (1093949) | (1199367) | (171507) |
| **Total operating cost and expenses** | **(1456255)** | **(1359704)** | **(194435)** | **(6222522)** | **(5781366)** | **(826725)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income/(expenses), net | 13210 | (32831) | (4695) | 39791 | (22051) | (3153) |
| **Income from operations** | **380561** | **685992** | **98095** | **1172946** | **2464101** | **352362** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and investment income, net | 156464 | 171546 | 24531 | 625282 | 705963 | 100951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (loss)/gain | (132) | 7302 | 1044 | (68) | 11161 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expenses)/income, net | (1925) | (8592) | (1229) | 34500 | 18987 | 2715 |
| **Income before income tax expenses** | **534968** | **856248** | **122441** | **1832660** | **3200212** | **457624** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expenses | (90743) | (164469) | (23519) | (265634) | (509745) | (72893) |
| **Net income** | **444225** | **691779** | **98922** | **1567026** | **2690467** | **384731** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests | 5383 | 2396 | 343 | 17638 | 44873 | 6417 |
| **Net income attributable to ordinary shareholders of KANZHUN LIMITED** | **449608** | **694175** | **99265** | **1584664** | **2735340** | **391148** |
| **Weighted average number of ordinary shares used in computing net income per share** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— Basic | 874099493 | 928924405 | 928924405 | 881882225 | 901033318 | 901033318 |
| &nbsp;&nbsp;&nbsp;&nbsp;— Diluted | 898715743 | 956104965 | 956104965 | 909228757 | 926992531 | 926992531 |
| **Net income per ordinary share attributable to ordinary shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— Basic | 0.51 | 0.75 | 0.11 | 1.80 | 3.04 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;— Diluted | 0.50 | 0.73 | 0.10 | 1.74 | 2.95 | 0.42 |
| **Net income per ADS<sup>(2)</sup> attributable to ordinary shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— Basic | 1.03 | 1.49 | 0.21 | 3.59 | 6.07 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;— 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 December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Cost of revenues | 10080 | 2803 | 401 | 43332 | 22550 | 3225 |
| Sales and marketing expenses | 71209 | 57013 | 8153 | 280668 | 239800 | 34291 |
| Research and development expenses | 106079 | 74235 | 10615 | 421411 | 317653 | 45424 |
| General and administrative expenses | 90830 | 80051 | 11447 | 398274 | 331984 | 47473 |
| **Total** | **278198** | **214102** | **30616** | **1143685** | **911987** | **130413** |

---

(2) Each ADS represents two Class A ordinary shares.

**KANZHUN LIMITED**

**Unaudited Condensed Consolidated Balance Sheets**

(All amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2553090 | 4104917 | 586995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term time deposits | 5488631 | 6390158 | 913780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 6639389 | 9450244 | 1351367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | 40713 | 33137 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3042 | 2395 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | 7258 | 9241 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 368260 | 365205 | 52224 |
| **Total current assets** | **15100383** | **20355297** | **2910768** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term time deposits |  | 782460 | 111890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term investments | 1914530 | 1898178 | 271436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, equipment and software, net | 1733786 | 1245022 | 178036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets, net | 302856 | 161452 | 23087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 252589 | 100909 | 14430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 6528 | 6528 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | - | 18168 | 2598 |
| **Total non-current assets** | **4210289** | **4212717** | **602411** |
| **Total assets** | **19310672** | **24568014** | **3513179** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 110668 | 119966 | 17155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 3084839 | 3235959 | 462736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 815767 | 921319 | 131747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 180782 | 94016 | 13444 |
| **Total current liabilities** | **4192056** | **4371260** | **625082** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 121345 | 64027 | 9156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 34451 | 51689 | 7391 |
| **Total non-current liabilities** | **155796** | **115716** | **16547** |
| **Total liabilities** | **4347852** | **4486976** | **641629** |
| **Total shareholders' equity** | **14962820** | **20081038** | **2871550** |
| **Total liabilities and shareholders' equity** | **19310672** | **24568014** | **3513179** |

---

**KANZHUN LIMITED**

**Unaudited Condensed Consolidated Statements of Cash Flows**

(All amounts in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Net cash provided by operating activities | 956108 | 1323571 | 189268 | 3542495 | 4552371 | 650980 |
| Net cash used in investing activities | (723128) | (1437929) | (205621) | (2016899) | (4608212) | (658966) |
| Net cash (used in)/provided by financing activities | (520351) | (456492) | (65278) | (1460539) | 1654508 | 236592 |
| Effect of exchange rate changes on cash and cash equivalents | 24303 | (22318) | (3191) | 15074 | (46840) | (6698) |
| **Net (decrease)/increase in cash and cash equivalents** | **(263068)** | **(593168)** | **(84822)** | **80131** | **1551827** | **221908** |
| Cash and cash equivalents at beginning of the period | 2816158 | 4698085 | 671817 | 2472959 | 2553090 | 365087 |
| **Cash and cash equivalents at end of the period** | **2553090** | **4104917** | **586995** | **2553090** | **4104917** | **586995** |

---

**KANZHUN LIMITED**

**Unaudited Reconciliation of GAAP and Non-GAAP Results**

(All amounts in thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the three months ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2025** | **2025** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Income from operations | 380561 | 685992 | 98095 | 1172946 | 2464101 | 352362 |
| Add: Share-based compensation expenses | 278198 | 214102 | 30616 | 1143685 | 911987 | 130413 |
| **Adjusted income from operations** | **658759** | **900094** | **128711** | **2316631** | **3376088** | **482775** |
| Net income | 444225 | 691779 | 98922 | 1567026 | 2690467 | 384731 |
| Add: Share-based compensation expenses | 278198 | 214102 | 30616 | 1143685 | 911987 | 130413 |
| **Adjusted net income** | **722423** | **905881** | **129538** | **2710711** | **3602454** | **515144** |
| Net income attributable to ordinary shareholders of KANZHUN LIMITED | 449608 | 694175 | 99265 | 1584664 | 2735340 | 391148 |
| Add: Share-based compensation expenses | 278198 | 214102 | 30616 | 1143685 | 911987 | 130413 |
| **Adjusted net income attributable to ordinary shareholders of KANZHUN LIMITED** | **727806** | **908277** | **129881** | **2728349** | **3647327** | **521561** |
| **Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— Basic | 874099493 | 928924405 | 928924405 | 881882225 | 901033318 | 901033318 |
| &nbsp;&nbsp;&nbsp;&nbsp;— Diluted | 898715743 | 956104965 | 956104965 | 909228757 | 926992531 | 926992531 |
| **Adjusted net income per ordinary share attributable to ordinary shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— Basic | 0.83 | 0.98 | 0.14 | 3.09 | 4.05 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;— Diluted | 0.81 | 0.95 | 0.14 | 3.00 | 3.93 | 0.56 |
| **Adjusted net income per ADS attributable to ordinary shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— Basic | 1.67 | 1.96 | 0.28 | 6.19 | 8.10 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;— Diluted | 1.62 | 1.90 | 0.27 | 6.00 | 7.87 | 1.13 |

---

## Exhibit 99.2

**Exhibit 99.2**

*Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.*

![](tm269240d1_ex99-2img001.jpg)

**KANZHUN LIMITED**

**看準科技有限公司**

*(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)*

**(Stock Code: 2** **076)**

**(Nasdaq Stock Ticker: BZ)**

**ANNUAL RESULTS ANNOUNCEMENT**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

The board (the "**Board**") of directors (the "**Directors**") of KANZHUN LIMITED (the "**Company**", together with its subsidiaries and consolidated affiliated entities, the "**Group**") is pleased to announce the unaudited annual consolidated results of the Group for the year ended December 31, 2025 (the "**Reporting Period**"), together with the comparative figures for the corresponding period in 2024. These annual results have been prepared under generally accepted accounting principles in the United States ("**U.S. GAAP**") and reviewed by the audit committee (the "**Audit Committee**") of the Board.

In this announcement, "we", "us" and "our" refer to the Company and where the context otherwise requires, the Group.

**FINANCIAL PERFORMANCE HIGHLIGHTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | |
|  | 2024 | **2025** | <br>Change (%) |
|  | *(RMB in thousands, except percentages)* | *(RMB in thousands, except percentages)* | *(RMB in thousands, except percentages)* |
| Revenues | 7355677 | **8267518** | 12.4% |
| Income from operations | 1172946 | **2464101** | 110.1% |
| Income before income tax expenses | 1832660 | **3200212** | 74.6% |
| Net income | 1567026 | **2690467** | 71.7% |
| Adjusted net income (non-GAAP financial measure) | 2710711 | **3602454** | 32.9% |

---

**NON-GAAP FINANCIAL MEASURE**

In addition to net income, the Company also uses adjusted net income (non-GAAP financial measure) to evaluate operating performance. The Company defines adjusted net income (non-GAAP financial measure) as net income excluding share-based compensation expenses. Share-based compensation expenses are non-cash in nature and do not result in cash outflow.

The Company has included this non-GAAP financial measure because it is a key measure used by the Company's management to evaluate operating performance, as it facilitates comparisons of operating performance from period to period. Accordingly, the Company believes that it provides useful information to investors and others in understanding and evaluating the Company's operating results in the same manner as the Company's management team and the Board do.

The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measure has limitations as analytical tools; and when assessing the Company's operating performance, investors should not consider it in isolation or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The table below sets forth an unaudited reconciliation of adjusted net income (non-GAAP financial measure) to net income for the periods indicated:

 

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Net income | 1567026 | **2690467** |
| Add: Share-based compensation expenses | 1143685 | **911987** |
| **Adjusted net income (non-GAAP financial measure)** | 2710711 | **3602454** |

---

**BUSINESS REVIEW AND OUTLOOK**

**Business Review for the Reporting Period**

For the year ended December 31, 2025, our average monthly active users ("**MAU**")<sup>1</sup> reached 60.7 million, representing a 14.5% increase from 53.0 million for the year ended December 31, 2024. Our average DAU<sup>2</sup>/MAU for the year ended December 31, 2025 achieved 24.4%. We have not only reinforced our market leadership but also validated the success of our strategy to penetrate diverse user segments, as evidenced by the growing proportion of blue-collar workers, users from lower-tier cities, and small-to-medium enterprise clients, underscoring our sustained growth potential.

In the past year, the Company continued to expand user coverage, achieving a steady growth in its market share by optimizing user experience and improving service quality. The Company achieved steady revenue growth and robust profitability enhancement. The Company also made positive progress in exploring new areas. On the one hand, we continued to accelerate the deployment of artificial intelligence (AI) products. On the other hand, we actively explored and attempted to provide enterprise users with results-oriented services and commercial products. At the same time, we made a good start in expanding recruitment services in new markets.

In 2025, with a steady recovery in demand from enterprise users, the recruitment demand across industries and functional categories showed a more balanced and healthy recovery trend, and the supply-demand relationship between job seekers and enterprise users gradually improved. In the blue-collar sector, the manufacturing industry recorded significant growth, which was attributable to the Company's continuous investment in developing the blue-collar ecosystem. Transportation, logistics and warehousing, and urban services also achieved sound growth. AI-related technical positions saw strong growth, and major white-collar industries also showed a rebounding trend.

In the past year, the Company also achieved a continuous increase in profit, which was driven by enhanced marketing efficiency resulting from strong double-sided network effects and increased brand awareness. An efficient business model and operational leverage ensure that the Company achieves high-quality, sustainable profitability while maintaining steady revenue growth.

In terms of technology, the Company has made progress in comprehensively advancing the application and implementation of AI across all areas, including operations, management, recommendation technology, and user products. With respect to the model, the Company's self- developed large language model "Nanbeige" recently ranked first among HuggingFace's trending text models. With respect to the recommendation, the Company combined advanced large language models with its massive proprietary data to improve recommendation efficiency and matching accuracy. With respect to the product, the platform provided all job seekers with free tools such as AI job seeking assistant and AI interview coaching to enhance their job seeking experience and user engagement. At the same time, AI capabilities were fully integrated into the commercialization products for enterprise users, and various AI recruitment functions were in different stages of application, gray-scale testing or exploration, and have received positive feedback from users. At the same time, the Company is actively working to leverage AI capabilities to deliver performance and results-oriented commercial products and services, such as bulk job seeking intention delivery and intent connect, thereby enhancing the depth and value of its services.

<sup>1</sup> MAU refers to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our BOSS Zhipin mobile app in a given month at least once.

<sup>2</sup> DAU refers to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our BOSS Zhipin mobile app in a given day at least once.

The Company has achieved positive results in its expansion to markets beyond the Chinese mainland, with rapid user growth in pilot markets and steady improvements in key operational metrics, which have preliminarily validated the replicability of the Company's business model. We will accelerate the rollout of our overseas operations and actively pursue opportunities in international markets.

In terms of sustainable development, the Company adhered to the philosophy of responsible and sustainable development. Its domestic and international mainstream ESG ratings continued to improve. Its S&P ESG score was greater than or equal to that of over 96% of its global peers. It was rated A by MSCI and AA by Wind. The Company was also included in a number of ESG indices of U.S. and Hong Kong stocks.

**Management Commentary**

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, "Throughout 2025, the Company achieved a steady and high-quality growth. The recruitment market showed signs of a structural recovery over the year; while further penetrating the blue-collar sector, the development of emerging technologies such as AI drove growth and recovery in recruitment demand within white-collar technical industries. The Company achieved positive results in both exploring cutting-edge AI technologies and deploying AI products. Its self- developed large language model Nanbeige ranked first among HuggingFace's trending text models. On the product front, the Company leveraged AI capabilities to enhance recommendation accuracy and user experience while accelerating the commercialization of AI products.

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 US$400 million. This reflects the Company's confidence in long-term growth and its commitment to sharing the benefits of its development with shareholders."

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."

**Our Platform**

We connect job seekers and enterprise users in an efficient and seamless manner mainly through our highly interactive BOSS Zhipin mobile app, which together with our other mobile apps and mini programs create a vibrant network. We are relentlessly focused on enhancing user experience by delivering efficient, intuitive and convenient experience to them throughout the recruitment cycle.

We adopted the "direct recruitment model" that captures the essence of real-world recruitment scenario through innovatively embedding two-way communication and two-sided recommendation into the online recruitment process on a mobile-native platform, which has proven to be more efficient and effective, delivering better outcomes for both job seekers and enterprises.

**Our Services**

Our services are purposely designed for improving job hunting and recruitment efficiency to elevate user experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***For enterprise user*** We provide direct recruitment services that
allow enterprise users to post jobs, receive personalized candidate recommendations, engage in direct communication and receive resume
upon mutual consent. We also offer an expanding range of value-added tools to further enhance recruitment efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***For job seeker*** We provide job seeking services that allow job seekers
to receive job recommendations, initiate direct chats and deliver resumes upon mutual consent. We also provide value-added tools that
help them better prepare for their job hunt.

**Our Monetization Model**

We provide recruitment and job hunting services to both enterprise users and job seekers and generate most of our revenue from paid services offered to enterprise users.

For enterprise users, we offer direct recruitment services that allow them to post jobs and communicate with job seekers, which can be free or paid based on an innovative connection-oriented monetization strategy, supplemented by paid value-added tools to further enhance their recruitment efficiency as part of our overall recruitment services to the enterprise users.

For job seekers, we offer job seeking services to communicate with employers for free and paid value-added tools to help job seekers better prepare for their job hunt and assess their candidacy.

**Sales and Marketing**

We empower our sales team with our proprietary CRM system by helping them find employers with demand and willingness to engage in bulk purchase or pay for more tailored services, which facilitates our sales team to reach out with these employers. This allows us to channel our data-driven insights into the sales process and drive conversion.

We pay to acquire user traffic from online third-party channels, mainly including app stores, search engines, info feeds and social networking platforms. We also benefit from organic traffic through word-of-mouth and brand recognition. We believe brand recognition is critical to our ability to continue to attract new users. To promote our brand image, we have launched various marketing initiatives, including outdoor advertising, TV advertising, video advertising, and marketing campaigns in major national and international events.

**Share Offer**

During the Reporting Period, the Company conducted an offering of Class A ordinary shares (the "**Share Offer**"), which became unconditional on July 4, 2025. The total number of Class A ordinary shares (the "**Shares**") offered (the "**Offer Shares**") is 34,500,000 Shares. As a result of the reallocation, the final number of Offer Shares offered to the public in Hong Kong under the Hong Kong public offering was adjusted to 10,350,000 Shares, representing 30% of the number of Offer Shares available under the Share Offer (after full exercise of the offer size adjustment option), and the final number of Offer Shares placed with selected professional, institutional and other investors under the international offering was adjusted to 24,150,000 Shares, representing 70% of the total number of Offer Shares available under the Share Offer (after full exercise of the offer size adjustment option). Dealing in the Offer Shares on The Stock Exchange of Hong Kong Limited (the "**Hong Kong Stock Exchange**") commenced at 9:00 a.m. on July 4, 2025.

Based on the Offer Price of HK$66.00 per Offer Share, the net proceeds from the Share Offer (after full exercise of the offer size adjustment option) are approximately HK$2.2 billion, after deducting estimated underwriting fees and other expenses payable. The aggregate nominal value of the Offer Shares is US$3,450 based on 34,500,000 Offer Shares and the closing price of the Shares on the Hong Kong Stock Exchange on June 24, 2025, being the date of the Hong Kong underwriting agreement, was HK$68.40 per Share.

The Share Offer is intended to further enhance the Company's financial flexibility, broaden the Company's shareholder base, improve stock liquidity, and support the Group's healthy and sustainable development.

For further details of the Share Offer, please refer to the announcements of the Company dated June 24, 2025, June 25, 2025, June 30, 2025, July 3, 2025 and July 4, 2025 and the prospectus issued by the Company dated June 25, 2025.

**Annual Dividend in 2025**

In October 2025, the Company distributed an annual cash dividend of approximately US$77.9 million (representing US$0.084 per ordinary share, or US$0.168 per ADS), to holders of ordinary shares and holders of ADSs.

**Recent Developments**

***Annual Dividend Policy and Share Repurchase Program***

The Board 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 (the "**Shareholders**") as and when appropriate in accordance with applicable laws and regulations.

On March 18, 2026, the Board approved amendments to the existing share repurchase program, increasing the total authorization under the program to repurchase up to US$400 million of the Company's shares (including ADSs) over the extended term of the program through August 28, 2027, in a sign of confidence about the Company's continued growth in the future.

**Business Outlook**

In 2026, we will continue to expand our user base, focus on structural incremental markets, and enhance user satisfaction while increasing brand reputation.

We are committed to enhancing the user experience, deepening our understanding of the needs of different user segments, and meeting a broader range of job-seeking and recruitment demand by refining our service capabilities.

We will continue to invest in AI, accelerate the integration and application of AI technologies in business scenarios, drive results-oriented product upgrades, and expand our commercial opportunities.

With regard to our overseas operations, we will build on our existing product portfolio to accelerate user growth and further expand the depth and breadth of our services in overseas markets.

In 2026, the Company will increase its returns to shareholders and continue to share with them the fruits of the Company's high-quality development and the long-term value of sustainable growth.

---

| | | |
|:---|:---|:---|
| **MANAGEMENT DISCUSSION AND ANALYSIS** | | |
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Online recruitment services to enterprise customers | 7270026 | **8192714** |
| &nbsp;&nbsp;&nbsp;Others | 85651 | **74804** |
| **Total revenues** | 7355677 | **8267518** |
| **Operating cost and expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues<sup>(1)</sup> | (1239712) | **(1235153)** |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses<sup>(1)</sup> | (2073052) | **(1693245)** |
| &nbsp;&nbsp;&nbsp;Research and development expenses<sup>(1)</sup> | (1815809) | **(1653601)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(1)</sup> | (1093949) | **(1199367)** |
| **Total operating cost and expenses** | (6222522) | **(5781366)** |
| &nbsp;&nbsp;&nbsp;Other operating income/(expenses), net | 39791 | **(22051)** |
| **Income from operations** | 1172946 | **2464101** |
| &nbsp;&nbsp;&nbsp;Interest and investment income, net | 625282 | **705963** |
| &nbsp;&nbsp;&nbsp;Foreign exchange (loss)/gain | (68) | **11161** |
| &nbsp;&nbsp;&nbsp;Other income, net | 34500 | **18987** |
| **Income before income tax expenses** | 1832660 | **3200212** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | (265634) | **(509745)** |
| **Net income** | 1567026 | **2690467** |

---

Note:

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

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Cost of revenues | 43332 | **22550** |
| Sales and marketing expenses | 280668 | **239800** |
| Research and development expenses | 421411 | **317653** |
| General and administrative expenses | 398274 | **331984** |
| **Total** | 1143685 | **911987** |

---

**Revenues**

Our revenues primarily come from online recruitment services provided to paid enterprise customers. Our revenues increased by 12.4% from RMB7,355.7 million in 2024 to RMB8,267.5 million in 2025. This increase was primarily driven by the paid enterprise customer growth. In particular, revenues from online recruitment services to enterprise customers increased by 12.7% from RMB7,270.0 million in 2024 to RMB8,192.7 million in 2025. Revenues from other services, which mainly comprise paid value-added services offered to job seekers, decreased from RMB85.7 million in 2024 to RMB74.8 million in 2025. 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.

**Cost of Revenues**

Our cost of revenues was RMB1,235.2 million in 2025, relatively flat with RMB1,239.7 million in 2024. The decreases in employee-related expenses and rental expenses were largely offset by the increase in payment processing cost.

**Sales and Marketing Expenses**

Our sales and marketing expenses decreased by 18.3% from RMB2,073.1 million in 2024 to RMB1,693.2 million in 2025, which was primarily attributable to decreases in advertising and marketing expenses, employee-related expenses and rental expenses.

**Research and Development Expenses**

Our research and development expenses decreased by 8.9% from RMB1,815.8 million in 2024 to RMB1,653.6 million in 2025, which was primarily attributable to a decrease in employee-related expenses.

**General and Administrative Expenses**

Our general and administrative expenses increased by 9.6% from RMB1,093.9 million in 2024 to RMB1,199.4 million in 2025, which was mainly due to an impairment of intangible assets.

**Income from Operations**

As a result of the foregoing, our income from operations increased by 110.1% from RMB1,172.9 million in 2024 to RMB2,464.1 million in 2025.

**Income Tax Expenses**

Our income tax expenses increased by 91.9% from RMB265.6 million in 2024 to RMB509.7 million in 2025, which was mainly due to the growth in income before income tax expenses as well as the provision of a top-up tax of RMB37.6 million under the Pillar Two rules and withholding tax of RMB14.7 million.

**Net Income**

Our net income increased by 71.7% from RMB1,567.0 million in 2024 to RMB2,690.5 million in 2025.

**Liquidity and Capital Resources**

During the Reporting Period, we funded our cash requirements primarily through cash generated from operations. As of December 31, 2025, our cash and cash equivalents, short-term time deposits and short-term investments totalled RMB19.9 billion, and net cash provided by operating activities for 2025 was RMB4.6 billion.

**Interest-bearing Bank and Other Borrowings**

As of December 31, 2025, the Group did not have any interest-bearing bank and other borrowings.

**Significant Investments**

As of December 31, 2025, the Group did not have any significant investments (including any investment in an investee company with a value of 5% or more of the Group's total consolidated assets as of December 31, 2025).

**Material Acquisitions and Disposals**

The Group did not have any material acquisitions or disposals of subsidiaries, consolidated affiliated entities, associates or joint ventures during the Reporting Period.

**Pledge of Assets**

As of December 31, 2025, the Group did not have any pledge of assets.

**Future Plans for Material Investments and Capital Assets**

As of December 31, 2025, the Group did not have any detailed future plans for material investments or capital assets.

**Gearing Ratio**

Gearing ratio equals total debt divided by total equity as of the end of the period. Total debt is defined as interest-bearing borrowings. As of December 31, 2025, the Group's gearing ratio was nil as the Group had no interest-bearing borrowings.

**Foreign Exchange Exposure**

Substantially all of our revenues and the majority of our expenses are denominated in RMB. We have not used any derivative financial instruments to hedge exposure to foreign currency exchange risk arising from the U.S. dollar-denominated cash and cash equivalents, short-term time deposits and short-term investments. However, we monitor this risk by periodically reviewing foreign currency exchange rates and will consider hedging significant foreign currency exposure should the need arise. To the extent that we need to convert U.S. dollars into RMB for our operations, appreciation of the RMB against the U.S. dollars would have an adverse effect on the RMB amount we receive from the conversion. Conversely, if we decide to convert RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollars against the RMB would have a negative effect on the U.S. dollars amounts available to us.

**Contingent Liabilities**

As of December 31, 2025, the Company had no material contingent liabilities.

**Capital Commitment**

As of December 31, 2025, the Group had no material capital commitment.

**Employees and Remuneration Policies**

As of December 31, 2025, the Group had a total of 4,884 employees. The following table sets forth the total number of full-time employees by function as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Function** | **Number of employees** | **% of total** |
| Sales and marketing | 2663 | 54.5% |
| Research and development | 1131 | 23.2% |
| Operations | 722 | 14.8% |
| General administration | 368 | 7.5% |
| **Total** | **4884** | **100.0%** |

---

As part of our retention strategy, we offer employees competitive salaries, incentive share grants and other incentives. The Group participates in various government statutory employee benefit plans, including social insurance, namely pension insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance, and housing funds. In addition, the Group purchased employer's liability insurance and additional commercial health insurance to increase insurance coverage of its employees.

The Group has established a performance-oriented incentive system, including the "Compensation and Bonus System" and the "Regulations on Rewards and Punishments and Labor Discipline" to offer industry-competitive remuneration and continuously motivate outstanding talent. Additionally, the Company has implemented a long-term incentive mechanism, and adopted the 2020 Share Incentive Plan and the Post-IPO Share Scheme.

The Company is mindful of current employees' development path. In consideration of the Company's current and future business needs and pain points, we conduct vocational skill improvement training for employees. We help current employees improve their general and professional skills through training channels such as the Foundation Stone Program, online business training, and sales skills training.

**CORPORATE GOVERNANCE**

The Board is committed to achieving high corporate governance standards. The Board believes that high corporate governance standards are essential in providing a framework for the Company to safeguard the interests of Shareholders and to enhance corporate value and accountability.

**Compliance with the Corporate Governance Code**

During the Reporting Period, the Company has complied with all the code provisions of the Corporate Governance Code (the "**Corporate Governance Code**") set forth in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the "**Listing Rules**"), save and except for the following.

Pursuant to code provision C.2.1 of the Corporate Governance Code, companies listed on the Hong Kong Stock Exchange are expected to comply with, but may choose to deviate from the requirement that the responsibilities between the chairman and the chief executive officer should be segregated and should not be performed by the same individual. The Company deviates from this provision because Mr. Peng Zhao ("**Mr. Zhao**") performs both the roles of the chairman of the Board and the chief executive officer of the Company. Mr. Zhao is the founder of the Group and has extensive experience in the business operations and management of the Group. The Board believes that vesting the roles of both chairman of the Board and chief executive officer to Mr. Zhao has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. This structure will enable the Company to make and implement decisions promptly and effectively. The Board considers that the balance of power and authority will not be impaired due to this arrangement. In addition, all major decisions are made in consultation with members of the Board, including the relevant Board committees and independent non-executive Directors. The Board will continue to review and consider segregating the roles of chairman and the chief executive officer of the Company from time-to-time, and may recommend dividing the two roles between different people in the future, taking into account the circumstances of the Group as a whole.

**Compliance with the Model Code for Securities Transactions by Directors**

The Company has adopted the Management Trading of Securities Policy (the "**Code**"), with terms no less exacting that the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, as its own securities dealing code to regulate all dealings by the Directors and relevant employees of securities in the Company and other matters covered by the Code.

Specific enquiry has been made to all the Directors and the relevant employees, and they have confirmed that they have complied with the Code during the Reporting Period.

**BOARD COMMITTEES**

The Board has established four committees, namely, the Audit Committee, the compensation committee of the Board, the nomination committee of the Board and the corporate governance committee of the Board, for overseeing particular aspects of the Company's affairs. Each of these committees is established with defined written terms of reference. The terms of reference of these board committees are available on the websites of the Company and the Hong Kong Stock Exchange.

**Audit Committee**

The Board has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the Corporate Governance Code.

The primary duties of the Audit Committee are, among other things, to monitor the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters, review the adequacy of our internal control over financial reporting, and review all related party transactions for potential conflict of interest situations and approving all such transactions.

The Audit Committee comprises three independent non-executive Directors, namely Ms. Hongyu Liu, Mr. Yonggang Sun, and Mr. Yan Li. Ms. Hongyu Liu, being the chairperson of the Audit Committee, has the related financial management expertise required under Rules 3.10(2) and 3.21 of the Listing Rules.

The Audit Committee has reviewed the unaudited annual results of the Group for the year ended December 31, 2025 and has met with the independent auditor, PricewaterhouseCoopers. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Group and internal control and financial reporting matters with senior management members of the Company. There is no disagreement between the Board and the Audit Committee regarding the accounting treatment adopted by the Group.

The unaudited financial information disclosed in this announcement is preliminary. The audit of the financial statements and related notes to be included in the Company's annual report for the year ended December 31, 2025 is still in progress. The figures in respect of the Group's unaudited condensed consolidated statements of comprehensive income, unaudited condensed consolidated balance sheets, unaudited condensed consolidated statements of cash flows and the related notes thereto for the year ended December 31, 2025 as set out in the announcement have been agreed by the Company's auditor, PricewaterhouseCoopers, to the amounts set out in the Group's draft consolidated financial statements for the year. The work performed by PricewaterhouseCoopers in this respect did not constitute an assurance engagement and consequently no opinion or assurance conclusion has been expressed by PricewaterhouseCoopers on this announcement.

**OTHER INFORMATION**

**Purchase, Sale or Redemption of the Company's Listed Securities**

During the Reporting Period, the Company conducted the Share Offer, details of which are set out in the section headed "Share Offer" above.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's securities listed on the Hong Kong Stock Exchange (including the sale of treasury shares as defined under the Listing Rules) or on the Nasdaq during the Reporting Period. As of December 31, 2025, the Company did not hold any treasury shares.

**Material Litigation**

The Company was not involved in any material litigation or arbitration during the Reporting Period. The Directors are also not aware of any material litigation or claims that are pending or threatened against the Group during the Reporting Period.

**Dividend**

The Board did not recommend any final dividend for the year ended December 31, 2025.

**Significant Events After the Reporting Period**

No significant events that might affect the Company have occurred since the end of the Reporting Period and up to the date of this announcement.

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the year ended December 31,** | **For the year ended December 31,** |
|  | Note | 2024 | **2025** |
|  | | (RMB in thousands, except<br> share and per share data) | (RMB in thousands, except<br> share and per share data) |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Online recruitment services to enterprise customers |  | 7270026 | **8192714** |
| &nbsp;&nbsp;&nbsp;Others |  | 85651 | **74804** |
| **Total revenues** | 3 | 7355677 | **8267518** |
| **Operating cost and expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues |  | (1239712) | **(1235153)** |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses |  | (2073052) | **(1693245)** |
| &nbsp;&nbsp;&nbsp;Research and development expenses |  | (1815809) | **(1653601)** |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | (1093949) | **(1199367)** |
| **Total operating cost and expenses** |  | (6222522) | **(5781366)** |
| &nbsp;&nbsp;&nbsp;Other operating income/(expenses), net |  | 39791 | **(22051)** |
| **Income from operations** |  | 1172946 | **2464101** |
| &nbsp;&nbsp;&nbsp;Interest and investment income, net |  | 625282 | **705963** |
| &nbsp;&nbsp;&nbsp;Foreign exchange (loss)/gain |  | (68) | **11161** |
| &nbsp;&nbsp;&nbsp;Other income, net |  | 34500 | **18987** |
| **Income before income tax expenses** |  | 1832660 | **3200212** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | 4 | (265634) | **(509745)** |
| **Net income** |  | 1567026 | **2690467** |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests |  | 17638 | **44873** |
| **Net income attributable to ordinary shareholders of KANZHUN LIMITED** |  | 1584664 | **2735340** |
| **Weighted average number of ordinary shares used in computing net income per share** | *5* |  |  |
| &nbsp;&nbsp;&nbsp;– Basic |  | 881882225 | **901033318** |
| &nbsp;&nbsp;&nbsp;– Diluted |  | 909228757 | **926992531** |
| **Net income per share attributable to ordinary shareholders of KANZHUN LIMITED** | 5 |  |  |
| &nbsp;&nbsp;&nbsp;– Basic |  | 1.80 | **3.04** |
| &nbsp;&nbsp;&nbsp;– Diluted |  | 1.74 | **2.95** |
| **Other comprehensive income/(loss), net of tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments |  | 154202 | **(256618)** |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gains on available-for-sale investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– Unrealized gains |  | 1701 | **75653** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– Reclassification of gains to net income |  | – | **(31209)** |
| &nbsp;&nbsp;&nbsp;**Unrealized gains on available-for-sale investments, net of reclassification** |  | 1701 | **44444** |
| **Total other comprehensive income/(loss)** |  | 155903 | **(212174)** |
| **Total comprehensive income** |  | 1722929 | **2478293** |
| &nbsp;&nbsp;&nbsp;Comprehensive loss attributable to non-controlling interests |  | 17487 | **45186** |
| **Comprehensive income attributable to ordinary shareholders of KANZHUN LIMITED** |  | 1740416 | **2523479** |

---

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

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of December 31,** | **As of December 31,** |
|  | *Note* | 2024 | **2025** |
|  |  | *(RMB in thousands)* | *(RMB in thousands)* |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 2553090 | **4104917** |
| &nbsp;&nbsp;&nbsp;Short-term time deposits |  | 5488631 | **6390158** |
| &nbsp;&nbsp;&nbsp;Short-term investments | 6 | 6639389 | **9450244** |
| &nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | 7 | 40713 | **33137** |
| &nbsp;&nbsp;&nbsp;Inventories |  | 3042 | **2395** |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties |  | 7258 | **9241** |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | 8 | 368260 | **365205** |
| **Total current assets** |  | 15100383 | **20355297** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term time deposits |  |  | **782460** |
| &nbsp;&nbsp;&nbsp;Long-term investments | 6 | 1914530 | **1898178** |
| &nbsp;&nbsp;&nbsp;Property, equipment and software, net |  | 1733786 | **1245022** |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net |  | 302856 | **161452** |
| &nbsp;&nbsp;&nbsp;Intangible assets, net |  | 252589 | **100909** |
| &nbsp;&nbsp;&nbsp;Goodwill |  | 6528 | **6528** |
| &nbsp;&nbsp;&nbsp;Deferred tax assets |  | – | **18168** |
| **Total non-current assets** |  | 4210289 | **4212717** |
| **Total assets** |  | 19310672 | **24568014** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | *9* | 110668 | **119966** |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | 3084839 | **3235959** |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 10 | 815767 | **921319** |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current |  | 180782 | **94016** |
| **Total current liabilities** |  | 4192056 | **4371260** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current |  | 121345 | **64027** |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities |  | 34451 | **51689** |
| **Total non-current liabilities** |  | 155796 | **115716** |
| **Total liabilities** |  | 4347852 | **4486976** |
| **Total shareholders' equity** |  | 14962820 | **20081038** |
| **Total liabilities and shareholders' equity** |  | 19310672 | **24568014** |

---

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

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

 

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Net cash provided by operating activities | 3542495 | **4552371** |
| Net cash used in investing activities | (2016899) | **(4608212)** |
| Net cash (used in)/provided by financing activities | (1460539) | **1654508** |
| Effect of exchange rate changes on cash and cash equivalents | 15074 | **(46840)** |
| **Net increase in cash and cash equivalents** | 80131 | **1551827** |
| Cash and cash equivalents at beginning of the year | 2472959 | **2553090** |
| **Cash and cash equivalents at end of the year** | 2553090 | **4104917** |

---

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

**NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1.** **GENERAL INFORMATION** 

KANZHUN LIMITED (the "Company") was incorporated under the laws of the Cayman Islands 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").

**2.** **BASIS OF PRESENTATION** 

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") and the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. 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. Significant accounting policies applied are consistent with those of the consolidated financial statements of the preceding fiscal year.

**3.** **REVENUES** 

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 consist of the following:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Online recruitment services to enterprise customers | 7270026 | **8192714** |
| &nbsp;&nbsp;&nbsp;– Key accounts | 1771638 | **2070533** |
| &nbsp;&nbsp;&nbsp;– Mid-sized accounts | 2543363 | **2666365** |
| &nbsp;&nbsp;&nbsp;– Small-sized accounts | 2955025 | **3455816** |
| Others | 85651 | **74804** |
| **Total** | 7355677 | **8267518** |

---

 

For revenues from online recruitment services to enterprise customers, RMB5,575.2 million and RMB6,594.7 million were recognized over time for the years ended December 31, 2024 and 2025, respectively; RMB1,694.8 million and RMB1,598.0 million were recognized at a point in time for the years ended December 31, 2024 and 2025, respectively.

**4.** **INCOME TAX** 

**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.

**Chinese mainland**

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 is qualified as a HNTE and enjoys a preferential income tax rate of 15% for the years presented. In 2025, one of the Group's subsidiaries was also recognized as a HNTE, and is therefore entitled to the 15% preferential income tax rate for the year ended December 31, 2025.

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.

Under the EIT Law, dividends distributed by foreign-invested enterprises to their immediate holding companies outside of the Chinese mainland are generally subject to a 10% withholding tax. A lower withholding tax rate of 5% is applicable if immediate holding companies with at least 25% equity interest in the foreign-invested enterprises are incorporated in Hong Kong and meet the relevant requirements pursuant to the tax arrangement between Chinese mainland and Hong Kong. As of December 31, 2025, the Company's Hong Kong subsidiary, Techfish Limited, was recognized as a qualified subsidiary, and dividends distributed to it from subsidiaries in the Chinese mainland were eligible for a lower withholding tax rate of 5%. For the year ended December 31, 2025, the Group recorded RMB14.7 million withholding tax expenses associated with earnings distributed and expected to be distributed from its foreign-invested enterprises to the Hong Kong subsidiary.

**Pillar Two rules**

The Group is subject to the Pillar Two rules published by the Organisation for Economic Co-operation and Development, which impose a top-up tax on profits arising in jurisdictions where the effective tax rate, calculated on a jurisdictional basis, is below the minimum rate of 15%. The corresponding Pillar Two legislation was enacted in Hong Kong and became effective for the year ended December 31, 2025. In accordance with the requirements of Hong Kong's Pillar Two legislation, the Group recognized current income tax expenses of RMB37.6 million for the year ended December 31, 2025, reflecting the current estimate of the top-up tax exposure borne by the Group.

Components of income tax expenses are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Current income tax expenses | 257096 | **530677** |
| Deferred income tax expenses/(benefit) | 8538 | **(20932)** |
| **Total** | 265634 | **509745** |

---

**5.** **NET INCOME PER SHARE** 

 

The computation of basic and diluted net income per share for the years ended December 31, 2024 and 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands, except share and per share data)* | *(RMB in thousands, except share and per share data)* |
| **Numerator** |  |  |
| Net income attributable to ordinary shareholders of KANZHUN LIMITED | 1584664 | **2735340** |
| **Denominator** |  |  |
| Weighted average number of ordinary shares used in computing basic net income per share | 881882225 | **901033318** |
| Dilutive effect of share-based awards | 27346532 | **25959213** |
| **Weighted average number of ordinary shares used in computing diluted net income per share** | 909228757 | **926992531** |
| **Net income per share attributable to ordinary shareholders of KANZHUN LIMITED** |  |  |
| &nbsp;&nbsp;&nbsp;– Basic | 1.80 | **3.04** |
| &nbsp;&nbsp;&nbsp;– Diluted | 1.74 | **2.95** |

---

**6.** **INVESTMENTS** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| **Short-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;– Wealth management products | 4640283 | **9095836** |
| &nbsp;&nbsp;&nbsp;– Fixed rate notes | 1997243 | **354408** |
| &nbsp;&nbsp;&nbsp;– Listed equity securities | 1863 | **–** |
| **Total short-term investments** | 6639389 | **9450244** |
| **Long-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;– Fixed rate notes | 1607361 | **1655884** |
| &nbsp;&nbsp;&nbsp;– Unlisted equity securities | 206391 | **192267** |
| &nbsp;&nbsp;&nbsp;– Wealth management products | 100778 | **50027** |
| **Total long-term investments** | 1914530 | **1898178** |

---

**7.** **ACCOUNTS AND NOTES RECEIVABLE, NET** 

An aging analysis of accounts and notes receivable as of December 31, 2024 and 2025, based on recognition date and net of credit loss allowance, is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | 2024 | **2025** |
|  | (RMB in thousands) | (RMB in thousands) |
| Within 3 months | 32477 | **20334** |
| Between 3 months and 6 months | 4890 | **4347** |
| Between 6 months and 1 year | 2050 | **2498** |
| More than 1 year | 1296 | **5958** |
| **Total** | 40713 | **33137** |

---

**8.** **PREPAYMENTS AND OTHER CURRENT ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | 2024 | **2025** |
|  | (RMB in thousands) | (RMB in thousands) |
| Prepaid income tax and value-added tax | 60675 | **119604** |
| Receivables related to the exercise of share-based awards\* | 56062 | **68564** |
| Receivables from third-party online payment platforms | 49814 | **63188** |
| Deposits | 73218 | **54361** |
| Prepaid advertising expenses and service fees | 44799 | **26761** |
| Staff loans and advances | 14429 | **12769** |
| Others | 69263 | **19958** |
| **Total** | 368260 | **365205** |

---

\* It mainly represents receivables from a third-party share option brokerage platform for the exercise of share-based awards due to the timing of settlement.

**9.** **ACCOUNTS PAYABLE** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Payables for purchase of property, equipment and software | 33945 | **47978** |
| Payables for server custody fees | 39391 | **38778** |
| Payables for advertising expenses | 16458 | **25164** |
| Others | 20874 | **8046** |
| **Total** | 110668 | **119966** |

---

An aging analysis of accounts payable as of December 31, 2024 and 2025, based on recognition date, is as follows:

 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Within 3 months | 91950 | **103744** |
| Between 3 months and 6 months | 2827 | **4558** |
| Between 6 months and 1 year | 8467 | **6330** |
| More than 1 year | 7424 | **5334** |
| **Total** | 110668 | **119966** |

---

**10.** **OTHER PAYABLES AND ACCRUED LIABILITIES** 

 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | 2024 | **2025** |
|  | *(RMB in thousands)* | *(RMB in thousands)* |
| Salary, welfare and bonus payable | 429566 | **502670** |
| Tax payable | 115192 | **211487** |
| Advance from customers\* | 90161 | **114044** |
| Deposits | 51402 | **41994** |
| Consideration payable for share repurchase | 93475 | **22231** |
| Others | 35971 | **28893** |
| **Total** | 815767 | **921319** |

---

\* It represents advance payments from customers, which are refundable under certain conditions and could be used to exchange for the Group's services.

**11.** **DIVIDENDS** 

On August 20, 2025, the board of directors of the Company approved an annual cash dividend of US$0.084 per ordinary share, or US$0.168 per American depositary share. The aggregate amount of the special dividend was approximately US$77.9 million, which was fully paid in October 2025.

No dividend was declared during the year ended December 31, 2024.

**PUBLICATION OF THE ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT**

This annual results announcement is published on the respective websites of the Hong Kong Stock Exchange (https://www.hkexnews.hk/) and the Company (https://ir.zhipin.com/). The annual report of the Company for the year ended December 31, 2025 will be made available on the above websites in due course.

---

| |
|:---|
| By order of the Board |
| **KANZHUN LIMITED** |
| **Mr. Peng Zhao** |
| *Founder, Chairman and Chief Executive Officer* |

---

Hong Kong, March 18, 2026

*As of the date of this announcement, the Board comprises Mr. Peng Zhao, Mr. Xu Chen, Mr. Tao Zhang, Ms. Xiehua Wang and Ms. Yang Mu as the executive directors, Mr. Haiyang Yu as the non-executive director, Mr. Yonggang Sun, Mr. Yan Li and Ms. Hongyu Liu as the independent non-executive directors.*