3Q25业绩超出预期；提升招聘需求驱动品质营收增长

revenue growth on enhancedrecruitment demand 3Q25 resultsbeat;drivingquality revenuegrowthonenhancedrecruitment demand Target PriceUS$25.50Up/Downside22.7%Current PriceUS$20.79 Boss Zhipinreported3Q25 results: total revenueincreased by 13% YoY toRMB2.16bn,in line with consensus/our estimate; non-GAAP net income grewby34%YoY to RMB992mn,9%/15%ahead of consensus/our estimate,primarily thanks to effective control in S&M/R&D expenses (-25%/-12% YoY).For 4Q25E, thecompany guidedtotal revenue to increase by12.4-13.5%YoYtoRMB2.05-2.07bn,in line with consensus estimate(RMB2.06bn).Management citedseveral positive signals in 3Q25, such asenhancedrecruiter-to-job seeker ratio, renewal rate and netdollarretention rate, all of which showimproving recruitment demand and will support revenue growth in the comingquarters. Lookingaheadto FY26E,managementwill continue to drive qualityrevenuegrowth, targeting over 35mn newly verified users (vs. 40mn in 10M25)and further margin expansion. We raise our FY25-27 earnings forecast by 6-7% China Internet Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk Ye TAO,CFAfranktao@cmbi.com.hk Joanna Ma(852) 3761 8838joannama@cmbi.com.hk Improvingrecruitment demand.Total paid enterprise customersincreased by 13% YoY to 6.8mn in 12 months ended Sep 2025, and averageMAUs grew by 10% YoY to 63.8mn in 3Q25. The averagenumber of dailyactiverecruitersgrew at a faster paceQoQ versus that of job seekers in3Q25, the first time over the past three years, showingimprovementin thesupply & demand dynamicsfor recruitment.The number of newly postedjobs grewby25% YoY in3Q25. By vertical,in 3Q25: 1)manufacturing Integrating AI into recruitment business.On the job seeker front, thecompany launched the AI job searchassistantfor all job seekers in 3Q25,driving significant QoQ growth in the number of AI interactions. On therecruiter front, an AI communicationassistantis graduallyintegratedinto thevalue-added products, driving the average conversion rate oftheseproducts Expect further margin expansion in FY26E.Overall non-GAAP OPMexpanded by 10ppt YoY to 41.8% in 3Q25, mainly thanks to the operatingleverage and effective control in opex.S&M/R&D expenses were down by25%/12% YoY in 3Q25.ForFY26E,managementexpectednon-GAAP Source: FactSet Business forecasts update and valuation Valuation We valueBoss Zhipinat US$11.8bn (US$25.5perADS) based on21x 2026E PE. Ourtarget PE multipleisat a premium to itspeers, given BossZhipin’s strong leadership inChina’s online recruitment market and earnings visibility. Disclosures& Disclaimers Analyst Certification The researchanalyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respectto the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or herpersonal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stockwith potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industryexpected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may diff