# EDGAR Filing Document

**Accession Number:** 0001842827
**File Stem:** 0001104659-25-061914
**Filing Date:** 2025-6
**Character Count:** 68516
**Document Hash:** dc814aff1087589c6c9feec1cfef7b55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-061914.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001104659-25-061914

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250624

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**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:** 251066587

**BUSINESS ADDRESS:**
- **STREET 1:** GRANDYVIC BLDG
- **STREET 2:** TAIYANGGONG MID RD, CHAOYANG DIST
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100020
- **BUSINESS PHONE:** 86-10-8415-0633

**MAIL ADDRESS:**
- **STREET 1:** GRANDYVIC BLDG
- **STREET 2:** TAIYANGGONG MID RD, CHAOYANG DIST
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100020

**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 June 2025

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>Explanatory Note</u>**

Exhibits to this current report on Form 6-K are incorporated by reference into the registration statement on Form F-3 of KANZHUN LIMITED (File No. 333-268834) and shall be a part thereof from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2518293d1_ex99-1.htm) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](tm2518293d1_ex99-1.htm) |
| [99.2](tm2518293d1_ex99-2.htm) | [Unaudited Interim Condensed Consolidated Financial Statements<br> Exhibit 99.2 sets forth the unaudited interim condensed consolidated financial statements for the three months periods ended March 31, 2024 and 2025](tm2518293d1_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/ Yu Zhang |
| Name | : | Yu Zhang |
| Title | : | Director and Chief Financial Officer |

---

Date: June 24, 2025

## Exhibit 99.1

**Exhibit 99.1**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the unaudited condensed consolidated financial statements and the related notes for the same periods included in Exhibit 99.2 to our current report on Form 6-K filed with the U.S. Securities and Exchange Commission on June 24, 2025 and "Item 5. Operating and Financial Review and Prospects" in our annual report on Form 20-F for the fiscal year ended December 31, 2024. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors.*

**Key Factors Affecting Our Results of Operations**

Our business and results of operations are affected by a number of general factors that impact China's online recruitment service market, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· China's overall economic condition and its influence on job market and recruitment industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· greater challenges in hiring leading to the increasing adoption of efficient recruitment
services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· digitalization of the recruitment
industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· growth of the blue-collar sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the high growth potential in online penetration among employers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the competitive landscape of China's online recruitment service industry and
our market position therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· government policies and regulations affecting China's Internet industry as
well as online recruitment service industry.

Unfavorable changes in any of these general conditions could negatively impact demand for our services and materially and adversely affect our results of operations. While our business is influenced by these general factors, our results of operations are more directly affected by the following company-specific factors.

***Our ability to expand our large and active user base and enhance user engagement***

A large and active user base is the core reason why enterprise users and job seekers are attracted to and continue to use our online recruitment platform, as enterprise users primarily look for a large talent pool to recruit from and job seekers value access to a multitude of actively hiring employers when using recruitment services. We believe it is important to grow our monthly active users ("**MAU**"), which we view as a key indicator of the size of our active user base, in order to support our business development. MAU refers to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our mobile application in a given month at least once. For the three months ended March 31, 2025, our average MAU was 57.6 million, representing an increase of 23.6% from 46.6 million for the same period of 2024. Whether we can continue to grow our MAU mainly depends on our ability to provide high-quality user experience. To this end, we will continue to focus on providing a personalized user experience through enhancing our big data technology capabilities that power the recommendation engine, offering more efficient and flexible communication methods for our users, and improving the reliability of our online recruitment platform.

***The growth of paid enterprise customers***

Growth in the number of paid enterprise customers is a key driver of our revenue growth, as most of our revenues come from providing online recruitment services to paid enterprise customers. Paid enterprise customers refer to enterprise users and company accounts from which we recognize revenues for online recruitment services. The continued growth of our business therefore depends on the growth of paid enterprise customers. Our paid enterprise customers grew by 12.3% from 5.7 million in the twelve months ended March 31, 2024 to 6.4 million in the twelve months ended March 31, 2025. In order to improve the growth of paid enterprise customers, we will continue to focus our resources on maintaining relationships with existing enterprise users, improving service quality, converting free enterprise users and their companies to paid enterprise customers, exploring new services, features and functionalities responsive to user needs, promoting awareness of our brands, and marketing our services to a wider user group and in more geographical markets.

***Our ability to expand our services to existing paid enterprise customers***

We believe that there is a significant opportunity for cross selling more of our online recruitment services to our existing paid enterprise customers. Among our paid enterprise customers, those who contributed revenues of RMB5,000 or more to us in a twelve-month period ended on the end of a given period historically accounted for the majority of our revenue source. Paid enterprise customers who contributed RMB5,000 or more, but less than RMB50,000 of revenues to us in a twelve-month period ended on the end of a given period, or mid-sized accounts, contributed 34.3% and 33.1% of our total revenues for the three months ended March 31, 2024 and 2025, respectively. In addition, paid enterprise customers who contributed RMB50,000 or more of revenues to us in a twelve-month period ended on the end of a given period, or key accounts, contributed 22.0% and 23.7% of our total revenues for the three months ended March 31, 2024 and 2025, respectively. We value key accounts because they typically are large enterprises with steady demand for our online recruitment services and a stable recruiting budget. The solid revenue contribution of mid-sized accounts and key accounts speaks to the importance of expanding our services to existing paid enterprise customers, which will increase their spending. To expand our services to existing paid enterprise customers, we plan to introduce new service offerings, better educate existing paid enterprise customers about the value of additional services, and recommend more customized services to each paid enterprise customer based on analysis of its historical hiring behaviors.

***Our ability to promote our brands and market our services more effectively***

Our investment in branding, marketing and promotional activities contributes to our user acquisition, and whether such investment is cost-effective has a significant impact on our results of operations. To achieve maximum return for our branding and marketing investments, we set and adjust our branding and marketing strategies based on data analytics of factors such as occupational structure, average income of target demographics, and characteristics of different marketing channels. Our advertising expenses as a percentage of revenues decreased for the three months ended March 31, 2025 compared to the same period of 2024. The declining proportion of our advertising expenses to revenues signifies higher efficiency of our advertising and marketing activities. We will continue to monitor and manage our advertising expenses.

***Our ability to enhance our operating efficiency***

Our results of operations are further affected by our operating efficiency in aspects other than sales and marketing, as measured by our total operating cost and expenses excluding sales and marketing expenses as a percentage of our revenues. Our total operating cost and expenses excluding sales and marketing expenses decreased as a percentage of our revenues for the three months ended March 31, 2025 compared to the same period of 2024. As our business grows further, we expect to improve the efficiency and utilization of our personnel, and leverage our scale to achieve greater operating leverage.

**Key Components of Results of Operations**

***Revenues***

We derive most of our revenues from paid enterprise customers on our online recruitment platform. We provide online recruitment services to enterprise customers that allow them to access and interact with job seekers and better manage their recruitment process. The following table sets forth the components of our revenues by amounts and percentages of our total revenues for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | RMB | % | RMB | US$<sup>(1)</sup> | % |
|  | (in thousands, except for percentages) | (in thousands, except for percentages) | (in thousands, except for percentages) | (in thousands, except for percentages) | (in thousands, except for percentages) |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online recruitment services to enterprise customers | 1684087 | 98.8 | 1901382 | 262017 | 98.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 19666 | 1.2 | 21895 | 3017 | 1.1 |
| **Total** | **1703753** | **100.0** | **1923277** | **265034** | **100.0** |

---

(1) Unless otherwise stated, all translations from RMB to U.S. dollars in this document are made at a rate of RMB7.2567 to US$1.00, which is the exchange rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

**Operating cost and expenses**

Our operating cost and expenses consist of cost of revenues, sales and marketing expenses, research and development expenses, and general and administrative expenses.

*Cost of revenues.* Our cost of revenues primarily consists of payment processing cost, payroll and other employee-related expenses, server and bandwidth service cost and server depreciation.

*Sales and marketing expenses.* Our sales and marketing expenses primarily consist of (i) payroll and other employee-related expenses for our sales and marketing staff, (ii) advertising expenses, including expenses relating to branding activities and online traffic acquisition, and (iii) other miscellaneous expenses for our sales functions.

*Research and development expenses.* Our research and development expenses primarily consist of (i) payroll and other employee-related expenses for our research and development staff and (ii) investment related with technology.

*General and administrative expenses.* Our general and administrative expenses primarily consist of payroll and other employee-related expenses for our managerial and administrative staff.

**Results of Operations**

The following table sets forth a summary of our consolidated results of operations for the periods presented, both in absolute amounts and as percentages of our total revenues. The results of operations in any particular period are not necessarily indicative of our future trends.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | *RMB* | % | RMB | US$ | % |
|  | (in thousands, except for percentages) | (in thousands, except for percentages) | (in thousands, except for percentages) | (in thousands, except for percentages) | (in thousands, except for percentages) |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Online recruitment services to enterprise customers | 1684087 | 98.8 | 1901382 | 262017 | 98.9 |
| &nbsp;&nbsp;&nbsp;Others | 19666 | 1.2 | 21895 | 3017 | 1.1 |
| **Total revenues** | **1703753** | **100.0** | **1923277** | **265034** | **100.0** |
| **Operating cost and expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues<sup>(1)</sup> | (295439) | (17.3) | (310808) | (42830) | (16.2) |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses<sup>(1)</sup> | (579270) | (34.0) | (491227) | (67693) | (25.5) |
| &nbsp;&nbsp;&nbsp;Research and development expenses<sup>(1)</sup> | (467569) | (27.4) | (423568) | (58369) | (22.0) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(1)</sup> | (270472) | (15.9) | (265511) | (36588) | (13.8) |
| **Total operating cost and expenses** | **(1612750)** | **(94.6)** | **(1491114)** | **(205480)** | **(77.5)** |
| &nbsp;&nbsp;&nbsp;Other operating income, net | 12590 | 0.7 | 7622 | 1050 | 0.4 |
| **Income from operations** | **103593** | **6.1** | **439785** | **60604** | **22.9** |
| &nbsp;&nbsp;&nbsp;Interest and investment income, net | 156056 | 9.1 | 149489 | 20600 | 7.7 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain/(loss) | 30 | 0.0 | (569) | (78) | (0.0) |
| &nbsp;&nbsp;&nbsp;Other expenses, net | (259) | (0.0) | (617) | (85) | (0.0) |
| **Income before income tax expenses** | **259420** | **15.2** | **588088** | **81041** | **30.6** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | (17696) | (1.0) | (75994) | (10472) | (4.0) |
| **Net income** | **241724** | **14.2** | **512094** | **70569** | **26.6** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | RMB | RMB | US$ |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| **Share-based compensation expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues | 10917 | 9611 | 1324 |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses | 70472 | 74237 | 10230 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 102693 | 88533 | 12200 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 104895 | 79382 | 10939 |
| **Total** | **288977** | **251763** | **34693** |

---

**Period-to-Period Comparison of Results of Operations**

***Three months ended March 31, 2025 compared to three months ended March 31, 2024***

*Revenues*

Our revenues were RMB1,923.3 million (US$265.0 million) for the three months ended March 31, 2025, representing an increase of 12.9% from RMB1,703.8 million for the same period of 2024. Specifically, revenues from online recruitment services to enterprise customers were RMB1,901.4 million (US$262.0 million) for the three months ended March 31, 2025, representing an increase of 12.9% from RMB1,684.1 million for the same period of 2024. This increase was mainly driven by the paid enterprise customer growth. Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB21.9 million (US$3.0 million) for the three months ended March 31, 2025, representing an increase of 11.2% from RMB19.7 million for the same period of 2024, mainly benefiting from expanded user base.

*Cost of revenues*

Our cost of revenues was RMB310.8 million (US$42.8 million) for the three months ended March 31, 2025, representing an increase of 5.2% from RMB295.4 million for the same period of 2024, primarily due to an increase in payment processing cost.

*Sales and marketing expenses*

Our sales and marketing expenses were RMB491.2 million (US$67.7 million) for the three months ended March 31, 2025, representing a decrease of 15.2% from RMB579.3 million for the same period of 2024, primarily due to decreases in advertising and marketing expenses and employee-related expenses.

*Research and development expenses*

Our research and development expenses were RMB423.6 million (US$58.4 million) for the three months ended March 31, 2025, representing a decrease of 9.4% from RMB467.6 million for the same period of 2024, primarily due to decreases in employee-related expenses and investments in technology.

*General and administrative expenses*

Our general and administrative expenses were RMB265.5 million (US$36.6 million) for the three months ended March 31, 2025, remaining relatively stable compared to RMB270.5 million for the same period of 2024.

*Income from operations*

As a result of the foregoing, our income from operations was RMB439.8 million (US$60.6 million) for the three months ended March 31, 2025, representing an increase of 324.5% from RMB103.6 million for the same period of 2024.

*Interest and investment income*

Our interest and investment income was RMB149.5 million (US$20.6 million) for the three months ended March 31, 2025, as compared to RMB156.1 million for the same period of 2024.

*Income tax expenses*

Our income tax expenses were RMB76.0 million (US$10.5 million) for the three months ended March 31, 2025, as compared to RMB17.7 million for the same period of 2024.

*Net income*

Our net income was RMB512.1 million (US$70.6 million) for the three months ended March 31, 2025, representing an increase of 111.9% from RMB241.7 million for the same period of 2024.

**Non-GAAP Financial Measures**

In evaluating the business, we consider and use non-GAAP financial measures, such as adjusted income from operations and adjusted net income as supplemental measures to review and assess operating performance. We define 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. We believe that these non-GAAP financial measures help identify underlying trends in the business and facilitate investors' assessment of our 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.

The following table reconciles non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP for the periods indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | RMB | RMB | US$ |
|  | | (in thousands) | |
| Income from operations | 103593 | 439785 | 60604 |
| Add: Share-based compensation expenses | 288977 | 251763 | 34693 |
| **Adjusted income from operations (non-GAAP financial measure)** | **392570** | **691548** | **95297** |
| Net income | 241724 | 512094 | 70569 |
| Add: Share-based compensation expenses | 288977 | 251763 | 34693 |
| **Adjusted net income (non-GAAP financial measure)** | **530701** | **763857** | **105262** |

---

**Cash Flows**

The following table sets forth a summary of our cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | RMB | RMB | US$ |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Net cash provided by operating activities | 905541 | 1003109 | 138232 |
| Net cash used in investing activities | (523462) | (678826) | (93545) |
| Net cash used in financing activities | (104578) | (85994) | (11850) |
| Effect of exchange rate changes on cash and cash equivalents | (3294) | (959) | (132) |
| **Net increase in cash and cash equivalents** | **274207** | **237330** | **32705** |
| Cash and cash equivalents at beginning of the period | 2472959 | 2553090 | 351825 |
| **Cash and cash equivalents at end of the period** | **2747166** | **2790420** | **384530** |

---

***Operating activities***

Net cash provided by operating activities for the three months ended March 31, 2025 was RMB1.0 billion (US$138.2 million). The difference between this net cash provided by operating activities and net income of RMB512.1 million (US$70.6 million) for the same period was due to adjustments for non-cash items that primarily included share-based compensation expenses of RMB251.8 million (US$34.7 million), depreciation and amortization expenses of long-lived assets of RMB135.0 million (US$18.6 million), interest and investment income of RMB55.9 million (US$7.7 million), and amortization of right-of-use assets of RMB41.4 million (US$5.7 million), as well as cash released from a decrease in working capital mainly resulting from an increase of RMB256.7 million (US$35.4 million) in deferred revenue and an increase of RMB114.9 million (US$15.8 million) in accounts payable and other payables and accrued liabilities, partially offset by an increase of RMB325.2 million (US$44.8 million) in prepayments and other current assets and a decrease of RMB40.1 million (US$5.5 million) in operating lease liabilities.

***Investing activities***

Net cash used in investing activities for the three months ended March 31, 2025 was RMB678.8 million (US$93.5 million), primarily due to purchases of time deposits of RMB3.6 billion (US$502.0 million) and purchases of short-term and long-term investments of RMB2.8 billion (US$391.4 million), partially offset by maturities of time deposits of RMB3.6 billion (US$489.3 million) and maturities of short-term and long-term investments of RMB2.3 billion (US$315.6 million).

***Financing activities***

Net cash used in financing activities for the three months ended March 31, 2025 was RMB86.0 million (US$11.9 million), primarily attributable to the payment for share repurchases of RMB93.4 million (US$12.9 million), partially offset by proceeds from the exercise of share-based awards of RMB7.4 million (US$1.0 million).

***Capital expenditures***

Our capital expenditures primarily consist of purchases of servers and other electronic equipment. We incurred capital expenditures of RMB36.5 million (US$5.0 million) for the three months ended March 31, 2025. We plan to continue to incur capital expenditures in the future to meet our business growth. We intend to fund our future capital expenditures primarily with our existing cash balance and anticipated cash generated from operating activities.

***Material cash requirements***

Our material cash requirements as of March 31, 2025 primarily include operating lease obligations and advertising commitments. Our operating lease obligations primarily represent our obligations under the lease agreements for our office premises. Advertising commitments relate to purchase obligations for advertising services. We intend to fund our existing and future material cash requirements primarily with our existing cash balance and anticipated cash flows from operations.

The following table sets forth our contractual obligations as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
|  |<br>**Total** | **Less than**<br>**1 year** |<br>**1-3 years** |<br>**3-5 years** | **More than**<br>**5 years** |
|  | (in RMB thousands) | (in RMB thousands) | (in RMB thousands) | (in RMB thousands) | (in RMB thousands) |
| Operating lease obligations | 254502 | 156505 | 80866 | 16935 | 196 |
| Advertising commitments | 50250 | 50250 |  |  |  |

---

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We do not have retained or contingent interests in assets transferred. We have not entered into contractual arrangements that support the credit, liquidity or market risk for transferred assets. We do not have obligations that arise or could arise from variable interests held in an unconsolidated entity, or obligations related to derivative instruments that are both indexed to and classified in our own equity, or not reflected in the statement of financial position.

Except for those disclosed above, we did not have any significant capital or other commitments, long-term obligations, or guarantees as of March 31, 2025.

**Taxation**

***Cayman Islands***

The Cayman Islands currently levies no taxes on corporations based upon profits, income, gains, or appreciation. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties, which may be applicable on instruments executed in, or brought within the jurisdiction of, the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands.

***Hong Kong***

Our subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax for taxable income earned. Additionally, payments of dividends by our subsidiaries in Hong Kong to our company are not subject to any Hong Kong withholding tax. No provision for Hong Kong profits tax was made as we had no estimated assessable profit that was subject to Hong Kong profits tax during the three months ended March 31, 2025.

***PRC***

Under the PRC Enterprise Income Tax Law effective from January 1, 2008, and amended on February 24, 2017 and December 29, 2018, our mainland China subsidiaries and the VIE, Beijing Huapin Borui Network Technology Co., Ltd., are subject to the statutory rate of 25%, subject to preferential tax treatments available to qualified enterprises as stipulated under PRC tax laws and regulations.

Enterprises that qualify as "high and new technology enterprises" are entitled to a preferential rate of 15% for three years. Enterprises that qualify as "small low-profit enterprises" are entitled to a preferential rate of 20%.

Beijing Huapin Borui Network Technology Co., Ltd., was certified as a "high and new technology enterprise" and accordingly was eligible for a preferential tax rate of 15% for the three months ended March 31, 2025. The preferential tax treatment continues as long as an enterprise can retain its "high and new technology enterprise" status. Our WFOE, Beijing Highland Wolf Technology Co., Ltd., was subject to an enterprise income tax rate of 25% for the three months ended March 31, 2025.

If our company in the Cayman Islands or any of our subsidiaries outside of mainland China were deemed a "resident enterprise" under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.

We are subject to value-added tax at a rate of approximately 3% for small-scale-value-added-tax-payer entities or 6% for general-value-added-tax-payer entities on the services we provide to our customers, less any deductible value-added tax we have already paid or borne in accordance with laws of mainland China. We are also subject to surcharges on value-added tax payments in accordance with laws of mainland China.

Pursuant to the PRC Enterprise Income Tax Law and the Arrangement between the Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, a 5% or 10% withholding tax is levied on dividends declared to our intermediary holding company in Hong Kong from mainland China effective from January 1, 2008.

## Exhibit 99.2

**Exhibit 99.2**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of** | **As of** | **As of** |
|  | *Note* | **December 31, 2024** | **March 31, 2025** | **March 31, 2025** |
|  | | *RMB* | *RMB* | *US$* |
|  | |  |  | *Note 3* |
|  | | *(In thousands, except share and per share data)* | *(In thousands, except share and per share data)* | *(In thousands, except share and per share data)* |
| **ASSETS** | |  |  |  |
| **Current assets** | |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | | 2553090 | 2790420 | 384530 |
| &nbsp;&nbsp;&nbsp;Short-term time deposits |  | 5488631 | 4685332 | 645656 |
| &nbsp;&nbsp;&nbsp;Short-term investments | *5* | 6639389 | 7309414 | 1007264 |
| &nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | | 40713 | 38792 | 5346 |
| &nbsp;&nbsp;&nbsp;Inventories | | 3042 | 2862 | 394 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties | *16* | 7258 | 9206 | 1269 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | *6* | 368260 | 844978 | 116441 |
| **Total current assets** |  | **15100383** | **15681004** | **2160900** |
| **Non-current assets** | |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term time deposits | |  | 773919 | 106649 |
| &nbsp;&nbsp;&nbsp;Long-term investments | *5* | 1914530 | 1832622 | 252542 |
| &nbsp;&nbsp;&nbsp;Property, equipment and software, net | *7* | 1733786 | 1609795 | 221836 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | *12* | 302856 | 240500 | 33142 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | *8* | 252589 | 243501 | 33555 |
| &nbsp;&nbsp;&nbsp;Goodwill |  | 6528 | 6528 | 900 |
| **Total non-current assets** | | **4210289** | **4706865** | **648624** |
| **Total assets** | | **19310672** | **20387869** | **2809524** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | |  |  |  |
| **Current liabilities** | |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | *9* | 110668 | 92631 | 12765 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | | 3084839 | 3341494 | 460470 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | *10* | 815767 | 821567 | 113215 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | *12* | 180782 | 150849 | 20788 |
| **Total current liabilities** |  | **4192056** | **4406541** | **607238** |
| **Non-current liabilities** | |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | *12* | 121345 | 90259 | 12438 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | | 34451 | 33879 | 4669 |
| **Total non-current liabilities** | | **155796** | **124138** | **17107** |
| **Total liabilities** | | **4347852** | **4530679** | **624345** |
| **Commitments and contingencies** | 17 |  |  |  |
| **Shareholders' equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares (US$0.0001 par value; 1,800,000,000 Class A ordinary shares and 200,000,000 Class B ordinary shares authorised; 761,663,103 Class A ordinary shares issued and 730,807,661 outstanding, 138,490,401 Class B ordinary shares issued and outstanding as of December 31, 2024; 777,723,103 Class A ordinary shares issued and 741,237,475 outstanding,138,430,401 Class B ordinary shares issued and outstanding as of March 31, 2025) |  | 571 | 582 | 80 |
| &nbsp;&nbsp;&nbsp;Treasury shares |  | (1519708) | (980621) | (135133) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 16234535 | 16091978 | 2217534 |
| &nbsp;&nbsp;&nbsp;Statutory reserves |  | 15051 | 15051 | 2074 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  | 1054562 | 1040317 | 143359 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | (917640) | (399506) | (55053) |
| **Total KANZHUN LIMITED shareholders' equity** |  | **14867371** | **15767801** | **2172861** |
| Non-controlling interests |  | 95449 | 89389 | 12318 |
| **Total shareholders' equity** |  | **14962820** | **15857190** | **2185179** |
| **Total liabilities and shareholders' equity** |  | **19310672** | **20387869** | **2809524** |

---

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

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | *Note* | **2024** | **2025** | **2025** |
|  |  | *RMB* | *RMB* | *US$* |
|  |  |  |  | *Note 3* |
|  |  | *(In thousands, except share and per share data)* | *(In thousands, except share and per share data)* | *(In thousands, except share and per share data)* |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Online recruitment services to enterprise customers |  | 1684087 | 1901382 | 262017 |
| &nbsp;&nbsp;&nbsp;Others |  | 19666 | 21895 | 3017 |
| **Total revenues** | 11 | **1703753** | **1923277** | **265034** |
| **Operating cost and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues |  | (295439) | (310808) | (42830) |
| &nbsp;&nbsp;&nbsp;Sales and marketing expenses |  | (579270) | (491227) | (67693) |
| &nbsp;&nbsp;&nbsp;Research and development expenses |  | (467569) | (423568) | (58369) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | (270472) | (265511) | (36588) |
| **Total operating cost and expenses** |  | **(1612750)** | **(1491114)** | **(205480)** |
| &nbsp;&nbsp;&nbsp;Other operating income, net |  | 12590 | 7622 | 1050 |
| **Income from operations** |  | **103593** | **439785** | **60604** |
| &nbsp;&nbsp;&nbsp;Interest and investment income, net |  | 156056 | 149489 | 20600 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain/(loss) |  | 30 | (569) | (78) |
| &nbsp;&nbsp;&nbsp;Other expenses, net |  | (259) | (617) | (85) |
| **Income before income tax expenses** |  | **259420** | **588088** | **81041** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | 13 | (17696) | (75994) | (10472) |
| **Net income** |  | **241724** | **512094** | **70569** |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests |  | 3227 | 6040 | 832 |
| **Net income attributable to ordinary shareholders of KANZHUN LIMITED** |  | **244951** | **518134** | **71401** |
| **Weighted average number of ordinary shares used in computing net income per share** | 15 |  |  |  |
| &nbsp;&nbsp;&nbsp;– Basic |  | 880732849 | 870991355 | 870991355 |
| &nbsp;&nbsp;&nbsp;– Diluted |  | 907305397 | 895586531 | 895586531 |
| **Net income per share attributable to ordinary shareholders of KANZHUN LIMITED** | 15 |  |  |  |
| &nbsp;&nbsp;&nbsp;– Basic |  | 0.28 | 0.59 | 0.08 |
| &nbsp;&nbsp;&nbsp;– Diluted |  | 0.27 | 0.58 | 0.08 |
| **Other comprehensive income/(loss), net of tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments |  | 18950 | (14265) | (1966) |
| **Total other comprehensive income/(loss)** |  | **18950** | **(14265)** | **(1966)** |
| **Total comprehensive income** |  | **260674** | **497829** | **68603** |
| &nbsp;&nbsp;&nbsp;Comprehensive loss attributable to non-controlling interests |  | 3254 | 6060 | 835 |
| **Comprehensive income attributable to ordinary shareholders of KANZHUN LIMITED** |  | **263928** | **503889** | **69438** |

---

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

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  |  | **2024** |  | **2025** | **2025** | **2025** |
|  | | *RMB* | | *RMB* | | *US$* |
|  |  |  |  |  |  | *Note 3* |
|  |  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| **Cash flows from operating activities** |  |  |  |  |  |  |
| Net income |  | 241724 |  | 512094 |  | 70569 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Share-based compensation |  | 288977 |  | 251763 |  | 34693 |
| &nbsp;&nbsp;&nbsp;Depreciation of property, equipment and software |  | 107717 |  | 125883 |  | 17347 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets |  | 46966 |  | 41444 |  | 5711 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | 6239 |  | 9088 |  | 1252 |
| &nbsp;&nbsp;&nbsp;Loss from disposal of property, equipment and software |  | 15 |  | 443 |  | 61 |
| &nbsp;&nbsp;&nbsp;Foreign exchange (gain)/loss |  | (30) |  | 569 |  | 78 |
| &nbsp;&nbsp;&nbsp;Interest and investment income |  | 145076 |  | 55921 |  | 7706 |
| &nbsp;&nbsp;&nbsp;Deferred income tax expenses/(benefit) |  | 227 |  | (572) |  | (79) |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses |  | 208 |  | 61 |  | 8 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts and notes receivable |  | (2391) |  | 1910 |  | 263 |
| &nbsp;&nbsp;&nbsp;Inventories |  | (2599) |  | 180 |  | 25 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets |  | (156614) |  | (325188) |  | (44812) |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties |  | (2344) |  | (1948) |  | (268) |
| &nbsp;&nbsp;&nbsp;Other non-current assets |  | 4000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 27033 |  | 15384 |  | 2120 |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | 345669 |  | 256655 |  | 35368 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities |  | (95192) |  | 99526 |  | 13715 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities |  | (49140 |  | (40104 |  | (5525 |
| **Net cash provided by operating activities** |  | **905541** |  | **1003109** |  | **138232** |
| **Cash flows from investing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, equipment and software |  | (433553) |  | (36533) |  | (5034) |
| &nbsp;&nbsp;&nbsp;Disposal of property, equipment and software |  | 19 |  | 60 |  | 8 |
| &nbsp;&nbsp;&nbsp;Purchases of time deposits |  | (4731571) |  | (3642780) |  | (501989) |
| &nbsp;&nbsp;&nbsp;Maturities of time deposits |  | 5443854 |  | 3550427 |  | 489262 |
| &nbsp;&nbsp;&nbsp;Purchases of short-term and long-term investments |  | (1803990) |  | (2840000) |  | (391362) |
| &nbsp;&nbsp;&nbsp;Maturities of short-term and long-term investments |  | 1152000 |  | 2290000 |  | 315570 |
| &nbsp;&nbsp;&nbsp;Payments for business acquisitions, net of cash acquired |  | (150221 |  | – |  | – |
| **Net cash used in investing activities** |  | **(523462** |  | **(678826** |  | **(93545** |
| **Cash flows from financing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of share-based awards |  | 9182 |  | 7414 |  | 1022 |
| &nbsp;&nbsp;&nbsp;Payments for share repurchases |  | (113760 |  | (93408 |  | (12872 |
| **Net cash used in financing activities** |  | **(104578** |  | **(85994** |  | **(11850** |
| Effect of exchange rate changes on cash and cash equivalents |  | (3294 |  | (959 |  | (132 |
| **Net increase in cash and cash equivalents** |  | **274207** |  | **237330** |  | **32705** |
| Cash and cash equivalents at beginning of the period |  | 2472959 |  | 2553090 |  | 351825 |
| **Cash and cash equivalents at end of the period** |  | **2747166** |  | **2790420** |  | **384530** |
| **Supplemental cash flow disclosure** |  |  |  |  |  |  |
| Cash paid for income tax |  | 57392 |  | 109293 |  | 15061 |
| **Supplemental disclosures of non-cash investing and financing activities** |  |  |  |  |  |  |
| Changes in payables for purchase of property, equipment and software |  | (194549) |  | (33374) |  | (4599) |
| Changes in consideration payable for share repurchases |  | (78308) |  | (93478) |  | (12882) |

---

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

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Attributable to KANZHUN LIMITED** | **Attributable to KANZHUN LIMITED** | **Attributable to KANZHUN LIMITED** | **Attributable to KANZHUN LIMITED** | **Attributable to KANZHUN LIMITED** | **Attributable to KANZHUN LIMITED** | **Attributable to KANZHUN LIMITED** |  |  |
|  |  | **Ordinary shares** | **Ordinary shares** |  |  |  | **Accumulated** |  |  |  |
|  |  | **Number of** |  |  | **Additional** |  | **other** |  | **Non-** | **Total** |
|  |  | **shares** |  | **Treasury** | **paid-in** | **Statutory** | **comprehensive** | **Accumulated** | **controlling** | **shareholders'** |
|  | *Note* | **outstanding** | **Amount** | **shares** | **capital** | **reserves** | **income** | **deficit** | **interests** | **equity** |
|  |  |  | *RMB* | *RMB* | *RMB* | *RMB* | *RMB* | *RMB* | *RMB* | *RMB* |
|  | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) |
| Balance as of January 1, 2024 |  | 879802778 | 564 | (479730) | 15496811 | 5000 | 898810 | (2492253) | (9) | 13429193 |
| Net income |  |  |  |  |  |  |  | 244951 | (3227) | 241724 |
| Foreign currency translation adjustments |  |  |  |  |  |  | 18977 |  | (27) | 18950 |
| Share-based compensation |  |  |  |  | 288977 |  |  |  |  | 288977 |
| Exercise of share options and vesting of restricted share units ("RSUs") |  | 8540374 |  | 380290 | (321493) |  |  |  |  | 58797 |
| Repurchase of ordinary shares |  | (550924) |  | (35494) |  |  |  |  |  | (35494) |
| Acquisition of a subsidiary | *4* | – | – | – | – | – | – | – | 112945 | 112945 |
| **Balance as of March 31, 2024** |  | **887792228** | **564** | **(134934)** | **15464295** | **5000** | **917787** | **(2247302)** | **109682** | **14115092** |
| Balance as of January 1, 2025 |  | 869298062 | 571 | (1519708) | 16234535 | 15051 | 1054562 | (917640) | 95449 | 14962820 |
| Net income |  |  |  |  |  |  |  | 518134 | (6040) | 512094 |
| Foreign currency translation adjustments |  |  |  |  |  |  | (14245) |  | (20) | (14265) |
| Share-based compensation |  |  |  |  | 251763 |  |  |  |  | 251763 |
| Exercise of share options and vesting of RSUs |  | 10369814 |  | 539098 | (394320) |  |  |  |  | 144778 |
| Issuance of ordinary shares as treasury shares |  | – | 11 | (11) | – | – | – | – | – | – |
| **Balance as of March 31, 2025** |  | **879667876** | **582** | **(980621)** | **16091978** | **15051** | **1040317** | **(399506)** | **89389** | **15857190** |

---

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 with limited liability 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") for interim financial information. 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 in accordance with Article 10 of Regulation S-X. The unaudited condensed consolidated financial statements include financial statements of the Company, its subsidiaries, the consolidated VIE and VIE's subsidiaries for which the Company is the ultimate primary beneficiary, and have been prepared on the same basis as the audited consolidated financial statements of the preceding fiscal year and include all adjustments necessary for a fair statement of results for the periods presented. The consolidated balance sheet as of December 31, 2024 was derived from the audited financial statements at that date but does not include all the information and notes required by U.S. GAAP. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024. Significant accounting policies applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. The interim results are not necessarily indicative of the results of operations expected for the full year or any future periods.

**3.** **CONVENIENCE TRANSLATION** 

Translations of the unaudited condensed consolidated balance sheets, the unaudited condensed consolidated statements of comprehensive income and the unaudited condensed consolidated statements of cash flows from RMB into US$ as of and for the three months ended March 31, 2025 are solely for the convenience of the readers, and were calculated at the rate of RMB7.2567 per US$1.00 on March 31, 2025 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate or at any other rate.

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

**4.** **BUSINESS ACQUISITION** 

On February 6, 2024, the Group completed the acquisition of approximately 77% of equity interest of W.D Technology Investment Group Limited, which is principally engaged in providing blue-collar recruitment services. The consideration of this acquisition was approximately US$52.7 million (approximately RMB374.3 million). The Group obtained control of the investee since it held majority of the investee's equity interest and was entitled to assign majority of the board members, one of whom shall be the chief executive officer of the investee.

The acquisition was accounted for as a business acquisition using the acquisition method of accounting. The consideration of the acquisition was allocated based on the fair value of assets acquired and liabilities assumed as of the acquisition date as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  | *RMB* |
|  | *(In thousands)* |
| Purchase consideration | 374306 |
| Net assets acquired | 208412 |
| Identifiable intangible assets acquired |  |
| &nbsp;&nbsp;&nbsp;– Customer relationships | 94000 |
| &nbsp;&nbsp;&nbsp;– Trademarks | 91000 |
| &nbsp;&nbsp;&nbsp;– Technology | 80000 |
| &nbsp;&nbsp;&nbsp;– Non-compete agreements | 13000 |
| Goodwill | 839 |
| Non-controlling interests | (112945) |
| **Total** | **374306** |

---

Net assets acquired primarily consisted of cash and cash equivalents of RMB224.0 million, other receivables of RMB37.1 million, property, equipment and software of RMB43.3 million and other payables and accrued liabilities of RMB104.6 million.

Goodwill arising from this acquisition was primarily attributable to future business growth expected to be achieved from the acquisition. Goodwill was expected to be non-deductible for income tax purposes.

**5.** **INVESTMENTS** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| **Short-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;– Wealth management products | 4640283 | 5300486 |
| &nbsp;&nbsp;&nbsp;– Fixed rate notes | 1997243 | 2005465 |
| &nbsp;&nbsp;&nbsp;– Listed equity securities | 1863 | 3463 |
| **Total short-term investments** | **6639389** | **7309414** |
| **Long-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;– Fixed rate notes | 1607361 | 1626285 |
| &nbsp;&nbsp;&nbsp;– Unlisted equity securities | 206391 | 206337 |
| &nbsp;&nbsp;&nbsp;– Wealth management products | 100778 | – |
| **Total long-term investments** | **1914530** | **1832622** |

---

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

**6.** **PREPAYMENTS AND OTHER CURRENT ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| Receivables related to the exercise of share-based awards\* | 56062 | 374535 |
| Receivables from third-party online payment platforms | 49814 | 183800 |
| Prepaid income tax and value-added tax | 60675 | 93263 |
| Deposits | 73218 | 65506 |
| Interest receivable | 37264 | 51731 |
| Prepaid advertising expenses and service fees | 44799 | 21413 |
| Staff loans and advances | 14429 | 15074 |
| Others | 31999 | 39656 |
| **Total** | **368260** | **844978** |

---

\* 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.

**7.** **PROPERTY, EQUIPMENT AND SOFTWARE, NET** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| Electronic equipment | 2481387 | 2473009 |
| Leasehold improvement | 181705 | 184107 |
| Buildings | 46236 | 46236 |
| Motor vehicles | 19507 | 19295 |
| Furniture and fixtures | 14616 | 13415 |
| Software | 7424 | 7424 |
| **Total cost** | **2750875** | **2743486** |
| Less: accumulated depreciation | (1017089) | (1133691) |
| **Total property, equipment and software, net** | **1733786** | **1609795** |

---

Depreciation expenses of property, equipment and software were RMB107.7 million and RMB125.9 million for the three months ended March 31, 2024 and 2025, respectively.

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

**8.** **INTANGIBLE ASSETS, NET** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| Customer relationships | 94000 | 94000 |
| Trademarks | 92587 | 92587 |
| Technology | 80000 | 80000 |
| Non-compete agreements | 21400 | 21400 |
| Database | 1000 | 1000 |
| Domains | 909 | 909 |
| **Total cost** | **289896** | **289896** |
| Less: accumulated amortization | (37307) | (46395) |
| **Total intangible assets, net** | **252589** | **243501** |

---

Amortization expenses of intangible assets were RMB6.2 million and RMB9.1 million for the three months ended March 31, 2024 and 2025, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| Payables for server custody fees | 39391 | 46405 |
| Payables for advertising expenses | 16458 | 29740 |
| Payables for purchase of property, equipment and software | 33945 | 571 |
| Others | 20874 | 15915 |
| **Total** | **110668** | **92631** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| Tax payable | 115192 | 332770 |
| Salary, welfare and bonus payable | 429566 | 309210 |
| Advance from customers\* | 90161 | 94606 |
| Deposits | 51402 | 48868 |
| Consideration payable for share repurchase | 93475 |  |
| Others | 35971 | 36113 |
| **Total** | **815767** | **821567** |

---

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

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

**11.** **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 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** |
|  | RMB | RMB |
|  | (In thousands) | (In thousands) |
| Online recruitment services to enterprise customers | 1684087 | 1901382 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Key accounts | 375607 | 456346 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Mid-sized accounts | 585182 | 636948 |
| &nbsp;&nbsp;&nbsp;&nbsp;– Small-sized accounts | 723298 | 808088 |
| Others | 19666 | 21895 |
| **Total** | **1703753** | **1923277** |

---

For revenues from online recruitment services to enterprise customers, RMB1,240.0 million and RMB1,510.2 million were recognized over time for the three months ended March 31, 2024 and 2025, respectively; RMB444.1 million and RMB391.2 million were recognized at a point in time for the three months ended March 31, 2024 and 2025, respectively.

**12.** **OPERATING LEASE** 

The Group's operating leases are primarily for offices. The components of lease expenses are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** |
|  | RMB | RMB |
|  | (In thousands) | (In thousands) |
| Operating lease expenses | 48288 | 47409 |
| Short-term lease expenses | 1431 | 1157 |
| **Total** | **49719** | **48566** |

---

Supplemental balance sheet information related to operating leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | RMB | RMB |
|  | (In thousands) | (In thousands) |
| Right-of-use assets, net | 302856 | 240500 |
| Operating lease liabilities, current | 180782 | 150849 |
| Operating lease liabilities, non-current | 121345 | 90259 |
| **Total operating lease liabilities** | **302127** | **241108** |

---

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

**12.** **OPERATING LEASE (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
| Weighted average remaining lease term (in years) | 2.15 | 2.17 |
| Weighted average discount rate | 4.78% | 4.78% |

---

Supplemental cash flow information related to operating leases is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | RMB | RMB | RMB | RMB |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Cash paid for amounts included in the measurement of operating lease liabilities |  | 52415 |  | 51622 |

---

Maturities of operating lease liabilities as of March 31, 2025 are as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  | *RMB* |
|  | *(In thousands)* |
| Succeeding period in 2025 | 116914 |
| 2026 | 86904 |
| 2027 | 29702 |
| 2028 | 14294 |
| 2029 | 6353 |
| 2030 and thereafter | 335 |
| **Total undiscounted lease payments** | **254502** |
| Less: imputed interest | (13394) |
| **Total operating lease liabilities** | **241108** |

---

**13.** **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.

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

**13.** **INCOME TAX (CONTINUED)** 

**Mainland China**

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, Beijing Huapin Borui Network Technology Co., Ltd., is qualified as a HNTE and enjoys a preferential income tax rate of 15% for the periods presented.

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.

Components of income tax expenses are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** |
|  | RMB | RMB |
|  | (In thousands) | (In thousands) |
| Current income tax expenses | 17469 | 76566 |
| Deferred income tax expenses/(benefit) | 227 | (572) |
| **Total** | **17696** | **75994** |

---

**14.** **SHARE-BASED COMPENSATION** 

In 2020, the Group adopted the 2020 Share Incentive Plan, which allows the Group to grant share-based awards to directors, employees and consultants. The Company did not grant any share-based awards pursuant to the 2020 Share Incentive Plan since the listing on the Main Board of The Stock Exchange of Hong Kong Limited in December 2022. In December 2022, the Group adopted the Post-IPO Share Scheme, which allows the Group to grant share-based awards to directors, employees and officers. The maximum number of Class A ordinary shares that may be issued under the Post-IPO Share Scheme is 86,380,904.

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

**14.** **SHARE-BASED COMPENSATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Share options** 

The following table summarizes activities of share options for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Number of**<br>**share**<br>**options** |<br>**Weighted**<br>**average**<br>**exercise**<br>**price** | **Weighted**<br>**average**<br>**remaining**<br>**contractual**<br>**life** |<br>**Aggregate**<br>**intrinsic**<br>**value** |
|  |  | US$ | In years | *US$* <br> *in thousands* |
| Outstanding as of January 1, 2024 | 55831980 | 3.04 | 6.34 | 294189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (3759836) | 2.20 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (465500) | 4.84 |  |  |
| **Outstanding as of March 31, 2024** | **51606644** | **3.08** | **6.17** | **293373** |
| Outstanding as of January 1, 2025 | 44678228 | 3.11 | 5.44 | 169354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (8178404) | 2.47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (240022) | 4.91 |  |  |
| **Outstanding as of March 31, 2025** | **36259802** | **3.24** | **5.19** | **229984** |
| Vested and expected to vest as of March 31, 2025 | 36259802 | 3.24 | 5.19 | 229984 |
| Exercisable as of March 31, 2025 | 32286866 | 3.01 | 5.06 | 212354 |

---

The aggregate intrinsic value is calculated as the difference between the exercise price of share options and the market value of the underlying ordinary share at each reporting date.

As of March 31, 2025, there were US$3.7 million of unrecognized compensation expenses related to share options, which are expected to be recognized over a weighted-average period of 0.20 years and may be adjusted for future forfeitures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **RSUs** 

The following table summarizes activities of RSUs for the periods presented:

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**RSUs** | **Weighted**<br>**average**<br>**grant-date**<br>**fair value** |
|  |  | *US$* |
| Outstanding as of January 1, 2024 | 39458612 | 9.58 |
| &nbsp;&nbsp;&nbsp;Granted | 2155508 |  |
| &nbsp;&nbsp;&nbsp;Vested | (4780538) |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (507290) |  |
| **Outstanding as of March 31, 2024** | **36326292** | **9.60** |
| Outstanding as of January 1, 2025 | 31537814 | 9.20 |
| &nbsp;&nbsp;&nbsp;Granted | 3243858 |  |
| &nbsp;&nbsp;&nbsp;Vested | (2191410) |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (576274) |  |
| **Outstanding as of March 31, 2025** | **32013988** | **9.27** |

---

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

**14.** **SHARE-BASED COMPENSATION (CONTINUED)** 

As of March 31, 2025, there were US$241.1 million of unrecognized compensation expenses related to RSUs, which are expected to be recognized over a weighted-average period of 2.41 years and may be adjusted for future forfeitures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Share-based compensation expenses by function** 

The following table sets forth the allocation of share-based compensation expenses:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** |
|  | RMB | RMB |
|  | (In thousands) | (In thousands) |
| Cost of revenues | 10917 | 9611 |
| Sales and marketing expenses | 70472 | 74237 |
| Research and development expenses | 102693 | 88533 |
| General and administrative expenses | 104895 | 79382 |
| **Total** | **288977** | **251763** |

---

**15.** **NET INCOME PER SHARE** 

The computation of basic and diluted net income per share for the periods presented is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** |
|  | RMB | RMB |
|  | (In thousands, except share | (In thousands, except share |
|  | and per share data) | and per share data) |
| **Numerator** |  |  |
| Net income attributable to ordinary shareholders of KANZHUN LIMITED | 244951 | 518134 |
| **Denominator** |  |  |
| Weighted average number of ordinary shares used in computing basic net income per share | 880732849 | 870991355 |
| Dilutive effect of share-based awards | 26572548 | 24595176 |
| **Weighted average number of ordinary shares used in computing diluted net income per share** | **907305397** | **895586531** |
| **Net income per share attributable to ordinary shareholders of KANZHUN LIMITED** |  |  |
| &nbsp;&nbsp;&nbsp;– Basic | 0.28 | 0.59 |
| &nbsp;&nbsp;&nbsp;– Diluted | 0.27 | 0.58 |

---

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

**16.** **RELATED PARTY TRANSACTIONS AND BALANCES** 

The Group entered into the following material transactions with one of the Company's major shareholder, Tencent Holdings Limited and its affiliates ("Tencent Group"):

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2024** | **2025** |
|  | RMB | RMB |
|  | (In thousands) | (In thousands) |
| Cloud services from Tencent Group | 3425 | 3416 |
| Online payment clearing services and other services from Tencent Group | 2285 | 2890 |
| **Total** | **5710** | **6306** |

---

Details of major amounts due from related parties are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **March 31, 2025** |
|  | *RMB* | *RMB* |
|  | *(In thousands)* | *(In thousands)* |
| Receivables from the online payment platform of Tencent Group | 6719 | 8175 |
| Prepaid service fee to Tencent Group | 539 | 1031 |
| **Total** | **7258** | **9206** |

---

**17.** **COMMITMENTS AND CONTINGENCIES** 

**Commitments**

The Group engages third parties for promoting its brand image through various advertising channels. The advertising commitments contracted but not yet reflected in the unaudited condensed consolidated financial statements amounted to RMB50.3 million as of March 31, 2025.

**Contingencies** 

The Group is subject to legal proceedings in the ordinary course of business. The Group records a liability when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. No material liabilities in this regard were recorded as of March 31, 2025.