Kanzhun Limited

What they do

Kanzhun operates BOSS Zhipin, a mobile app where job seekers and enterprise users, including Bosses and recruiting professionals, log on to match directly. The platform covers blue-collar, gold-collar and other job categories, and the company generates revenue from enterprise users who pay for recruiting services. DAU is defined as verified user accounts, including both job seekers and enterprise users, that logged on to the BOSS Zhipin mobile app at least once in a given day.

Revenue drivers

• Online recruitment services to enterprise users — The company charges enterprise users, including Bosses and recruiting professionals, for access to recruiting tools and candidate matching on BOSS Zhipin; this is the core revenue source, with total annual revenue reaching $1.18B in 2025.
• Blue-collar and gold-collar job categories — The platform defines blue-collar as manual or service-related work in sectors such as manufacturing, construction, accommodation, catering and local life services, and gold-collar as professional, desk, managerial or administrative work with annual salary above RMB250,000; these categories broaden the addressable user base.
• Mobile app engagement and DAU — DAU is measured as verified user accounts, including job seekers and enterprise users, logging on to the BOSS Zhipin mobile app at least once daily; higher engagement supports the recruitment marketplace and monetization.

Recent performance

Revenue grew from $668.4 million in 2021 to $1.18 billion in 2025, with notable increases in 2023, 2024 and 2025. Net income swung from a loss of $168.1 million in 2021 to positive $15.5 million in 2022 and rose to $391.1 million in 2025. Diluted EPS improved from negative $0.37 in 2021 to $0.42 in 2025. Operating cash flow was $651.0 million in 2025, up from $485.3 million in 2024. As of December 31, 2025, total assets were $3.51 billion, total liabilities were $641.6 million, and shareholder equity was $2.86 billion, with cash and equivalents of $587.0 million.

Strategy

The filing excerpts describe the company as operating a mobile recruitment platform connecting job seekers and enterprise users, with no additional stated strategy details in the provided text. The company defines its user categories including blue-collar and gold-collar workers, and DAU as a key metric. No forward-looking initiatives, investments or priorities are specified in the source material provided.

Risks

• China regulatory and operational risk — As a Cayman Islands holding company operating in the PRC, Kanzhun is subject to Chinese laws and regulations that may affect its business and listing.
• Concentration in online recruitment — Revenue depends on the BOSS Zhipin platform and its ability to attract and retain enterprise users and job seekers.
• User engagement volatility — DAU, defined as verified user accounts logging on at least once daily, could decline and reduce monetization opportunities.
• Macroeconomic sensitivity — Recruitment demand is tied to hiring activity across sectors such as manufacturing, construction, accommodation and local life services, which may fluctuate.

Outlook

The provided excerpts do not include management guidance, forecasts or specific forward-looking statements for future periods. No outlook can be summarized from the available source material.