Kanzhun (BZ) Q4 2024 earnings summary

Executive summary

• Achieved strong revenue and profit growth in 2024, driven by user expansion, blue-collar segment gains, and a disruptive mobile-native recruitment model.

• FY2024 average MAU reached 53.0 million, up 25.3% year-over-year, with 6.1 million paid enterprise customers, up 17.3%.

• Adjusted net income for FY2024 was RMB 2.71 billion, up 25.7% year-over-year, with an adjusted net margin of 36.9%.

• Continued investment in AI and product innovation, including proprietary LLMs and AI-powered recruitment features.

• Platform serves 166.8 million verified job seekers and 24.5 million verified enterprise users as of December 31, 2023.

Financial highlights

• FY2024 revenue was RMB 7.36 billion, up 23.6%; Q4 revenue was RMB 1.82 billion, up 15.4% year-over-year.

• Adjusted net income for Q4 2024 was RMB 722 million, up 14.9% year-over-year.

• Adjusted operating income for the year was RMB 2.32 billion, up 41.4% year-over-year.

• Gross margin for FY2024 was 83.1%–83.7%; adjusted operating margin was 31.5%.

• Net cash from operating activities was RMB 3.54 billion for the year; cash position at year-end was RMB 14.68 billion.

Outlook and guidance

• Q1 2025 revenue expected between RMB 1.9 billion and RMB 1.92 billion, representing 11.5%–12.7% year-over-year growth.

• Non-GAAP operating profit target for 2025 set at RMB 3 billion, 30% higher than 2024.

• Marketing expenses and share-based compensation expected to further decline as a percentage of revenue in 2025.

• Management highlights long-term growth drivers: user growth, improved paying ratio, and stable ARPPU.