Kanzhun (BZ) Q3 2025 earnings summary

Executive summary

• Achieved high-quality business growth in Q3 2025, with strong user and revenue expansion, improved profitability, and continued AI integration across products and operations.

• Largest online recruitment platform in China, with a disruptive mobile-native direct recruitment model and a double-sided user ecosystem enhancing network effects and competitive advantage.

• Paid enterprise customers rose 13.3% year-over-year to 6.8 million; average MAU increased 10% to 63.8 million in Q3.

• AI-driven product enhancements and operational efficiencies contributed to improved financial and user metrics.

• Annual dividend distribution completed and share repurchase program extended by $250 million through August 2026.

Financial highlights

• Q3 2025 revenue reached RMB 2.16 billion, up 13.2% year-over-year; adjusted net income was RMB 991.8 million, up 34.2%, with adjusted net margin at 45.8%.

• Net income surged 67.2% year-over-year to RMB 775.4 million; adjusted income from operations up 49.3% to RMB 903.5 million.

• Gross margin improved to 85.9%, up 2.2 percentage points year-over-year.

• Net cash from operating activities was RMB 1.17 billion, up 44.5% year-over-year; cash and equivalents totaled RMB 19.21 billion as of September 30, 2025.

• Operating expenses decreased 7.0% year-over-year, with notable reductions in sales, marketing, and R&D costs.

Outlook and guidance

• Q4 2025 revenue expected between RMB 2.05 billion and RMB 2.07 billion, representing 12.4%–13.5% year-over-year growth.

• Management anticipates continued improvement in profit margins and aims for at least 35 million newly verified users in 2026.

• Guidance reflects current market and operational conditions in China, subject to change.

• Long-term ARPPU growth potential supported by value-for-money proposition.