持续拓展用户范围，全面推进AI应用

持续拓展用户范围，全面推进AI应用 Continuously expand the user base and comprehensively& Promote AI applications 最新动态 ➢持续拓展用户范围，25年月活跃用户同比增长14.5%。公司的平均月活跃用户达到了60.7百万，同比增长了14.5%。2025年，公司的平均日活跃用户╱月活跃用户达到24.4%。公司不仅进一步巩固了市场领先地位，更通过蓝领用户、低线级城市及中小企业客户占比的提升，验证了平台向多元化用户群体渗透的战略成效和持续的增长空间。2025年，公司持续拓展用户覆盖范围，通过优化用户体验并提供高质量的服务，稳步提升市场份额，公司实现了稳健的收入增长与强劲的盈利水平提升。在新领域探索方面，公司也取得了积极进展。一方面，公司持续推动人工智能（AI）产品的加速落地；另一方面，公司积极探索并尝试向招聘者提供以效果为导向的服务和商业产品；同时，公司在新市场的招聘服务拓展也取得了良好的开端。 ➢全面推进AI在各个层面的应用和落地。公司AI应用和落地包括运营、管理、推荐技术和用户产品，取得了积极进展。模型层面，近期，公司自研的大语言模型“南北阁”一度位列HuggingFace文本模型趋势榜第一。推荐层面，公司使用先进的大语言模型结合自有的海量数据，提升了推荐效率和匹配精准度。产品层面，平台面向求职者全面开放AI求职助手、AI面试辅导等免费工具，提升求职体验及用户活跃度。同时，面向招聘者的商业化产品已全面接入AI能力，多个AI招聘功能亦处在不同程度的应用、灰度测试或探索阶段，获得了用户良好的反馈。同时，公司在积极推进利用AI能力提供以效果或结果为导向的商业化产品及服务，如批量求职意向交付，候选人意向沟通，提升服务深度和价值。 动向解读 ➢公司作为中国最大的在线招聘平台的行业领先地位巩固。2025年四季度和2025年，公司交出了亮眼的财务报表，收入与盈利能力均呈现优质增长。在持续用户渗透以及通过服务创新不断提升的变现能力的推动下，公司2025年年收入同比增长12.4%，进一步巩固了公司作为中国最大的在线招聘平台的行业领先地位。公司2025年利润率创历史新高，同比显著提升，这证明了公司强大的双边网络效应带来的高效的经营杠杆和优越的成本控制能力。 ➢继续加大股东回报力度。公司计划自2026年起未来三年每年用于股票回购和分红的金额不低于上一年度经调整净利润的50%，同时将回购额度限额提升至4亿美元。这体现了公司对长期增长的信心和与股东分享公司发展的红利。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为34.83、40.45和47.02亿元，参考同行业公司，考虑到公司为国内在线招聘行业龙头企业，给予一定估值溢价，给予公司2026年17倍PE，按照港元兑人民币0.88汇率计算，对应目标价69.58港元，首次覆盖给予“买入”评级。 风险提示 ➢财务风险、行业政策风险、市场竞争风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过700篇，覆盖港股AI、半导体、软件行业标的如下：卓越睿新、伟仕佳杰、晶门半导体、珩湾科技、中国软件国际、百望股份、百富环球、赛晶科技、有赞、汇通达网络、博雅互动、IGG、网龙、神州控股、华沿机器人、BOSS直聘等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852) 97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.