SEC Filing | Kanzhun Limited

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2023

Commission File Number: 001-40460

KANZHUN LIMITED

18/F, GrandyVic Building,

Taiyanggong Middle Road

Chaoyang District, Beijing 100020

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Exhibit Index

Exhibit No.		Description
99.1		Press Release—KANZHUN LIMITED Announces Second Quarter 2023 Financial Results
99.2		Announcement—Interim Results Announcement for the Six Months Ended June 30, 2023
99.3		Announcement—Change of Joint Company Secretary and Waiver from Strict Compliance with Rules 3.28 and 8.17 of the Listing Rules

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KANZHUN LIMITED

By	:	/s/ Yu Zhang
Name	:	Yu Zhang
Title	:	Director and Chief Financial Officer

Date: August 29, 2023

Exhibit 99.1

KANZHUN LIMITED Announces Second Quarter 2023 Financial Results

BEIJING, August 29, 2023 – KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended June 30, 2023.

Second Quarter 2023 Highlights

Revenues for the second quarter of 2023 were RMB1,487.6 million (US$205.2 million), an increase of 33.7% from RMB1,112.3 million for the same quarter of 2022.

Calculated cash billings¹ for the second quarter of 2023 were RMB1,619.5 million (US$223.3 million), an increase of 65.4 % from RMB979.2 million for the same quarter of 2022.

Average monthly active users²for the second quarter of 2023 were 43.6 million, an increase of 64.5 % from 26.5 million for the same quarter of 2022.

Total paid enterprise customers³in the twelve months ended June 30, 2023 were 4.5 million, an increase of 18.4% from 3.8 million in the twelve months ended June 30, 2022.

Net income for the second quarter of 2023 was RMB309.6 million (US$42.7 million), an increase of 234.7% from RMB92.5 million for the same quarter of 2022. Adjusted net income⁴for the second quarter of 2023 was RMB568.5 million (US$78.4 million), an increase of 134.6% from RMB242.3 million for the same quarter of 2022.

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Office of the Company, commented, “We are delighted to deliver a strong set of results for the second quarter of 2023. Our monthly active users continued to experience robust growth and hit another historical high this quarter, with ongoing expansion among blue-collar users and in second-tier and lower-tier cities. This growth is a testament to our dedication to iterating our products and algorithms to enhance our service capabilities, as we strive to serve users from a broad swath of industries and locations. Our ability to meet diverse user groups’ needs and our flexible monetization model enabled us to capture rising recovery opportunities among blue-collar workers and small and medium-sized enterprises this year, driving our sustainable growth despite a challenging macro environment.”

Mr. Phil Yu Zhang, Chief Financial Officer, added, “Driven by our robust user growth and healthy user engagement, our revenues for the second quarter of 2023 increased by 33.7% year-on-year. We also recorded RMB309.6 million in our net income and RMB568.5 million in adjusted net income for the second quarter of 2023, the highest in our Company’s operational history. The solid results for the quarter once again testified to the effectiveness and resilience of our business model. Moving forward, we are confident in our ability to maintain sustainable quality growth momentum with further improvements in operating efficiency.”

¹ Calculated cash billings is a non-GAAP financial measure, derived by adding the change in deferred revenue to revenues. For more information on the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.”

² Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our mobile application in a given month at least once.

³ Paid enterprise customers are defined as enterprise users and company accounts from which we recognize revenues for our online recruitment services.

⁴ Adjusted net income/loss and adjusted basic and diluted net income/loss per ADS attributable to ordinary shareholders are non-GAAP financial measures, excluding the impact of share-based compensation expenses. For more information on the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.”

Second Quarter 2023 Financial Results

Revenues

Revenues were RMB1,487.6 million (US$205.2 million) for the second quarter of 2023, representing an increase of 33.7% from RMB1,112.3 million for the same period in 2022.

Revenues from online recruitment services to enterprise customers were RMB1,470.8 million (US$202.8 million) for the second quarter of 2023, representing an increase of 33.7% from RMB1,099.9 million for the same period in 2022. This increase was mainly driven by the user growth and increased user engagement.

Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB16.8 million (US$2.3 million) for the second quarter of 2023, representing an increase of 34.4% from RMB12.5 million for the same period in 2022, mainly benefiting from expanded user base.

Operating cost and expenses

Total operating cost and expenses were RMB1,310.8 million (US$180.8 million) for the second quarter of 2023, representing an increase of 25.8% from RMB1,041.8 million for the same period of 2022. Total share-based compensation expenses were RMB258.9 million (US$35.7 million) for the second quarter of 2023, representing an increase of 72.8% from RMB149.8 million for the same period of 2022.

Cost of revenues was RMB270.3 million (US$37.3 million) for the second quarter of 2023, representing an increase of 55.2% from RMB174.2 million for the same period of 2022, primarily due to increases in server and bandwidth cost and payment processing cost.

Sales and marketing expenses were RMB471.6 million (US$65.0 million) for the second quarter of 2023, representing an increase of 18.0% from RMB399.5 million for the same period of 2022, primarily due to increased headcount and increased share-based compensation expenses.

Research and development expenses were RMB365.9 million (US$50.5 million) for the second quarter of 2023, representing an increase of 18.9% from RMB307.7 million for the same period of 2022, primarily due to increased share-based compensation expenses.

General and administrative expenses were RMB203.0 million (US$28.0 million) for the second quarter of 2023, representing an increase of 26.6% from RMB160.3 million for the same period of 2022, primarily due to increased share-based compensation expenses.

Income from operations

Income from operations was RMB175.0 million (US$24.1 million) for the second quarter of 2023, representing an increase of 129.4% from RMB76.3 million for the same period of 2022.

Net income and adjusted net income

Net income was RMB309.6 million (US$42.7 million) for the second quarter of 2023, representing an increase of 234.7% from RMB92.5 million for the same period of 2022. Adjusted net income was RMB568.5 million (US$78.4 million) for the second quarter of 2023, representing an increase of 134.6% from RMB242.3 million for the same quarter of 2022. The increase was primarily driven by enhanced operating efficiency and increased investment income and financial income with the Company's treasury management strategy to increase investments in time deposits as well as principal-guaranteed fixed rate notes and structured deposits.

Net income per ADS and adjusted net income per ADS

Basic and diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2023 were RMB0.71 (US$0.10) and RMB0.69 (US$0.09), respectively, compared to basic and diluted net income per ADS of RMB0.21 and RMB0.20 in the same period of 2022.

Adjusted basic and diluted net income per ADS attributable to ordinary shareholders⁴ for the second quarter of 2023 were RMB1.31 (US$0.18) and RMB1.26 (US$0.17), respectively, compared to adjusted basic and diluted net income per ADS of RMB0.56 and RMB0.53 in the same period of 2022.

Net cash provided by operating activities

Net cash provided by operating activities was RMB763.7 million (US$105.3 million) in the second quarter of 2023, representing an increase of 308.6% from RMB186.9 million in the same period of 2022.

Cash position

Balance of cash and cash equivalents, time deposits and short-term investments was RMB12,790.8 million (US$1,763.9 million) as of June 30, 2023.

Share Repurchase Program

In March 2023, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to US$150 million of its shares (including in the form of ADSs) over the next 12 months.

Outlook

For the third quarter of 2023, the Company currently expects its total revenues to be between RMB1.53 billion and RMB1.56 billion, representing a year-on-year increase of 29.8% to 32.3%. This forecast reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Conference Call Information

The Company will host a conference call at 8:00AM U.S. Eastern Time on Tuesday, August 29, 2023 (8:00PM Beijing Time on Tuesday, August 29, 2023) to discuss the financial results.

Participants are required to pre-register for the conference call at:
https://register.vevent.com/register/BI9434a44f46294d6ca68c3a2cba3d0dd4

Upon registration, participants will receive an email containing participant dial-in numbers and unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhipin.com.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollar (“US$”) amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.2513 to US$1.00 on June 30, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as calculated cash billings, adjusted net income/loss, adjusted net income/loss attributable to ordinary shareholders, adjusted basic and diluted net income/loss per ordinary share attributable to ordinary shareholders and adjusted basic and diluted net income/loss per ADS attributable to ordinary shareholders as supplemental measures to review and assess operating performance. The Company derives calculated cash billings by adding the change in deferred revenue to revenues. The Company uses calculated cash billings to measure and monitor sales growth because the Company generally bills its paid enterprise customers at the time of sales, but may recognize a portion of the related revenue ratably over time. The Company believes calculated cash billings provides valuable insights into the cash generated from sales and is a valuable measure for monitoring service demand and financial performance. The Company defines adjusted net income/loss and adjusted net income/loss attributable to ordinary shareholders by excluding the impact of share-based compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP financial measures help identify underlying trends in the business that could otherwise be distorted by the effect of certain expenses and facilitate investors’ assessment of the Company’s operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP, and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About KANZHUN LIMITED

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

For investor and media inquiries, please contact:

KANZHUN LIMITED

Investor Relations

Email: ir@kanzhun.com

PIACENTE FINANCIAL COMMUNICATIONS

Email: kanzhun@tpg-ir.com

KANZHUN LIMITED

Unaudited Condensed Consolidated Statements of Comprehensive Income

(All amounts in thousands, except for share and per share data)

	For the three months ended June 30,									For the six months ended June 30,
	2022			2023						2022			2023
	RMB			RMB			US$			RMB			RMB			US$
Revenues
Online recruitment services to enterprise customers		1,099,866			1,470,822			202,836			2,227,184			2,730,879			376,605
Others		12,478			16,793			2,316			23,040			34,282			4,728
Total revenues		1,112,344			1,487,615			205,152			2,250,224			2,765,161			381,333
Operating cost and expenses
Cost of revenues⁽¹⁾		(174,230	)		(270,322	)		(37,279	)		(351,578	)		(517,486	)		(71,365	)
Sales and marketing expenses⁽¹⁾		(399,526	)		(471,593	)		(65,036	)		(921,900	)		(1,100,431	)		(151,756	)
Research and development expenses⁽¹⁾		(307,686	)		(365,907	)		(50,461	)		(598,425	)		(698,975	)		(96,393	)
General and administrative expenses⁽¹⁾		(160,348	)		(202,986	)		(27,993	)		(316,035	)		(367,572	)		(50,690	)
Total operating cost and expenses		(1,041,790	)		(1,310,808	)		(180,769	)		(2,187,938	)		(2,684,464	)		(370,204	)
Other operating income/(expenses), net		5,734			(1,776	)		(245	)		10,743			17,035			2,349
Income from operations		76,288			175,031			24,138			73,029			97,732			13,478
Investment income		7,801			95,473			13,166			17,075			147,084			20,284
Financial income, net		20,508			55,805			7,696			24,185			131,587			18,147
Foreign exchange gain		5,136			3,907			539			4,694			2,808			387
Other (expenses)/income, net⁽²⁾		(15,685	)		(1,113	)		(153	)		(24,539	)		4,529			625
Income before income tax expenses⁽²⁾		94,048			329,103			45,386			94,444			383,740			52,921
Income tax expenses		(1,555	)		(19,506	)		(2,690	)		(14,123	)		(41,480	)		(5,720	)
Net income⁽²⁾		92,493			309,597			42,696			80,321			342,260			47,201
Net income attributable to ordinary shareholders⁽²⁾		92,493			309,597			42,696			80,321			342,260			47,201

Net income⁽²⁾		92,493			309,597			42,696			80,321			342,260			47,201
Other comprehensive income
Foreign currency translation adjustments		583,255			543,703			74,980			539,012			403,775			55,683
Total comprehensive income⁽²⁾		675,748			853,300			117,676			619,333			746,035			102,884

Weighted average number of ordinary shares used in computing net income per share
—Basic		869,222,984			868,643,514			868,643,514			869,427,036			867,314,841			867,314,841
—Diluted		912,341,882			900,111,944			900,111,944			917,484,059			903,757,988			903,757,988
Net income per ordinary share attributable to ordinary shareholders⁽²⁾
—Basic		0.11			0.36			0.05			0.09			0.39			0.05
—Diluted		0.10			0.34			0.05			0.09			0.38			0.05
Net income per ADS⁽³⁾ attributable to ordinary shareholders⁽²⁾
—Basic		0.21			0.71			0.10			0.18			0.79			0.11
—Diluted		0.20			0.69			0.09			0.18			0.76			0.10

(1) Include share-based compensation expenses as follows:

	For the three months ended June 30,						For the six months ended June 30,
	2022		2023				2022		2023
	RMB		RMB		US$		RMB		RMB		US$
Cost of revenues		8,394		12,352		1,703		16,113		22,962		3,167
Sales and marketing expenses		34,487		64,067		8,835		63,817		124,530		17,173
Research and development expenses		57,702		105,756		14,584		115,117		196,430		27,089
General and administrative expenses		49,237		76,727		10,581		87,999		127,271		17,551
		149,820		258,902		35,703		283,046		471,193		64,980

(2) As disclosed in the Form 6-K filed on October 11, 2022, due to subsequent developments of a class action after the announcement of financial results for the second quarter of 2022, a loss contingency of RMB14.9 million was recorded in “Other (expenses)/income, net” and the consolidated financial statements for the six months ended June 30, 2022 were updated. Accordingly, the financial information for the three months and six months ended June 30, 2022 as presented in this press release was updated to reflect this subsequent event.

(3) Each ADS represents two Class A ordinary shares.

KANZHUN LIMITED

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

	As of
	December 31, 2022			June 30, 2023
	RMB			RMB			US$
ASSETS
Current assets
Cash and cash equivalents		9,751,824			2,740,769			377,969
Time deposits and short-term investments		3,458,089			10,050,063			1,385,967
Accounts receivable, net		9,862			15,196			2,096
Amounts due from related parties		5,714			9,536			1,315
Prepayments and other current assets		600,773			436,934			60,256
Total current assets		13,826,262			13,252,498			1,827,603
Non-current assets
Property, equipment and software, net		691,036			892,752			123,116
Intangible assets, net		10,251			9,172			1,265
Goodwill		5,690			5,690			785
Right-of-use assets, net		289,628			266,474			36,748
Long-term investments		-			1,952,215			269,223
Other non-current assets		4,000			4,000			552
Total non-current assets		1,000,605			3,130,303			431,689
Total assets		14,826,867			16,382,801			2,259,292
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		185,297			173,483			23,924
Deferred revenue		2,060,892			2,564,777			353,699
Other payables and accrued liabilities		633,482			520,012			71,713
Operating lease liabilities, current		151,438			148,926			20,538
Total current liabilities		3,031,109			3,407,198			469,874
Non-current liabilities
Operating lease liabilities, non-current		143,591			117,780			16,243
Deferred tax liabilities		11,404			25,815			3,560
Total non-current liabilities		154,995			143,595			19,803
Total liabilities		3,186,104			3,550,793			489,677
Shareholders’ equity
Ordinary shares		564			564			78
Treasury shares		(918,894	)		(989,786	)		(136,498	)
Additional paid-in capital		15,450,389			15,966,491			2,201,880
Accumulated other comprehensive income		695,184			1,098,959			151,553
Accumulated deficit		(3,586,480	)		(3,244,220	)		(447,398	)
Total shareholders’ equity		11,640,763			12,832,008			1,769,615
Total liabilities and shareholders’ equity		14,826,867			16,382,801			2,259,292

KANZHUN LIMITED

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)

	For the three months ended June 30,									For the six months ended June 30,
	2022			2023						2022			2023
	RMB			RMB			US$			RMB			RMB			US$
Net cash provided by operating activities		186,937			763,708			105,320			480,948			1,307,618			180,329
Net cash provided by/(used in) investing activities		145,610			(4,427,593	)		(610,593	)		(97,909	)		(8,390,368	)		(1,157,085	)
Net cash (used in)/provided by financing activities		(96,920	)		23,166			3,195			(87,816	)		68,955			9,509
Effect of exchange rate changes on cash and cash equivalents		581,787			126,916			17,502			537,116			2,740			378
Net increase/(decrease) in cash and cash equivalents		817,414			(3,513,803	)		(484,576	)		832,339			(7,011,055	)		(966,869	)
Cash and cash equivalents at beginning of the period		11,356,683			6,254,572			862,545			11,341,758			9,751,824			1,344,838
Cash and cash equivalents at end of the period		12,174,097			2,740,769			377,969			12,174,097			2,740,769			377,969

KANZHUN LIMITED

Unaudited Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share data)

	For the three months ended June 30,							For the six months ended June 30,
	2022			2023				2022		2023
	RMB			RMB		US$		RMB		RMB		US$
Revenues		1,112,344			1,487,615		205,152		2,250,224		2,765,161		381,333
Add: Change in deferred revenue		(133,154	)		131,874		18,186		20,486		503,885		69,489
Calculated cash billings		979,190			1,619,489		223,338		2,270,710		3,269,046		450,822

Net income⁽¹⁾		92,493			309,597		42,696		80,321		342,260		47,201
Add: Share-based compensation expenses		149,820			258,902		35,703		283,046		471,193		64,980
Adjusted net income⁽¹⁾		242,313			568,499		78,399		363,367		813,453		112,181

Net income attributable to ordinary shareholders⁽¹⁾		92,493			309,597		42,696		80,321		342,260		47,201
Add: Share-based compensation expenses		149,820			258,902		35,703		283,046		471,193		64,980
Adjusted net income attributable to ordinary shareholders⁽¹⁾		242,313			568,499		78,399		363,367		813,453		112,181
Weighted average number of ordinary shares used in computing net income per share (non-GAAP)
—Basic		869,222,984			868,643,514		868,643,514		869,427,036		867,314,841		867,314,841
—Diluted		912,341,882			900,111,944		900,111,944		917,484,059		903,757,988		903,757,988
Adjusted net income per ordinary share attributable to ordinary shareholders⁽¹⁾
—Basic		0.28			0.65		0.09		0.42		0.94		0.13
—Diluted		0.27			0.63		0.09		0.40		0.90		0.12
Adjusted net income per ADS attributable to ordinary shareholders⁽¹⁾
—Basic		0.56			1.31		0.18		0.84		1.88		0.26
—Diluted		0.53			1.26		0.17		0.79		1.80		0.25

(1) As disclosed in the Form 6-K filed on October 11, 2022, the financial information for the three months and six months ended June 30, 2022 was updated to reflect the subsequent event as described in “Unaudited Condensed Consolidated Statements of Comprehensive Income” within this press release.

Exhibit 99.2

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

KANZHUN LIMITED

看準科技有限公司

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 2076)

(Nasdaq Stock Ticker: BZ)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED JUNE 30, 2023

The board (the “Board”) of directors (the “Directors”) of KANZHUN LIMITED (the “Company”, together with its subsidiaries and consolidated affiliated entities, the “Group”) is pleased to announce the unaudited interim consolidated results of the Group for the six months ended June 30, 2023 (the “Reporting Period”), together with the comparative figures for the corresponding period in 2022. These interim results have been prepared under generally accepted accounting principles in the United States (the “U.S. GAAP”) and reviewed by the audit committee of the Board (the “Audit Committee”).

In this announcement, “we”, “us” and “our” refer to the Company and where the context otherwise requires, the Group.

FINANCIAL PERFORMANCE HIGHLIGHTS

	For the six months ended June 30,
	2022		2023		Change
	(Unaudited)		(Unaudited)
	(RMB in thousands, except percentages)
Revenues		2,250,224		2,765,161		22.9	%
Income from operations		73,029		97,732		33.8	%
Income before income tax expenses		94,444		383,740		306.3	%
Net income		80,321		342,260		326.1	%
Adjusted net income (non-GAAP financial measure)		363,367		813,453		123.9	%

NON-GAAP FINANCIAL MEASURE

In addition to net income, we also use adjusted net income (non-GAAP financial measure) to evaluate our business. We define adjusted net income (non-GAAP financial measure) as net income excluding share-based compensation expenses. Share-based compensation expenses are non-cash in nature and do not result in cash outflow.

We have included this non-GAAP financial measure because it is a key measure used by our management to evaluate our operating performance, as it facilitates comparisons of operating performance from period to period. Accordingly, we believe that it provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and the Board does.

The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non- GAAP financial measure has limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider it in isolation or as a substitute for our financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The table below sets forth an unaudited reconciliation of our net income to adjusted net income (non-GAAP financial measure) for the periods indicated:

	For the six months ended June 30,
	2022		2023
	(Unaudited)		(Unaudited)
	(RMB in thousands)
Net income		80,321		342,260
Add: Share-based compensation expenses		283,046		471,193
Adjusted net income (non-GAAP financial measure)		363,367		813,453

BUSINESS REVIEW AND OUTLOOK

Business Review for the Reporting Period

In the first half of 2023, we continued to execute our strategy centered on technology innovation, empowering our users by enhancing their using experience. Our ongoing investment in technology, coupled with the effectiveness of our business model, further strengthened our leadership in the online recruitment market in China.

Our average monthly active users (“MAU”)¹ for the six months ended June 30, 2023 were 41.7 million, representing an increase of 61.0% from 25.9 million for the six months ended June 30, 2022. Our average DAU²/MAU for the first half of 2023 achieved 26.8%, largely consistent with that of the first half of 2022. Our business stayed resilient with growing user scale and robust user engagement.

Management Commentary

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, commented, “We are delighted to deliver a strong set of results for the second quarter of 2023. Our monthly active users continued to experience robust growth and hit another historical high this quarter, with ongoing expansion among blue-collar users and in second-tier and lower-tier cities. This growth is a testament to our dedication to iterating our products and algorithms to enhance our service capabilities, as we strive to serve users from a broad swath of industries and locations. Our ability to meet diverse user groups’ needs and our flexible monetization model enabled us to capture rising recovery opportunities among blue-collar workers and small and medium-sized enterprises this year, driving our sustainable growth despite a challenging macro environment.”

¹	MAU refers to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our BOSS Zhipin mobile app in a given month at least once.

²	DAU refers to the number of verified user accounts, including both job seekers and enterprise users, that logged on to our BOSS Zhipin mobile app in a given day at least once.

Our Platform

We connect job seekers and enterprise users in an efficient and seamless manner mainly through our highly interactive BOSS Zhipin mobile app, which together with our other mobile apps and mini programs create a vibrant network. We are relentlessly focused on enhancing user experience by delivering efficient, intuitive and convenient experience to them throughout the recruitment cycle.

We adopted the “direct recruitment model” that captures the essence of real-world recruitment scenario through innovatively embedding two-way communication and two-sided recommendation into the online recruitment process on a mobile-native platform, which has proven to be more efficient and effective, delivering better outcomes for both job seekers and enterprises.

Our Services

Our services are purposely designed for improving job hunting and recruitment efficiency to elevate user experience.

•

For enterprise user We provide direct recruitment services that allow enterprise users to post jobs, receive personalized candidate recommendations, engage in direct communication and receive resume upon mutual consent. We also offer an expanding range of value-added tools to further enhance recruitment efficiency.

•

For job seeker We provide job seeking services that allow job seekers to receive job recommendations, initiate direct chats and deliver resumes upon mutual consent. We also provide value-added tools that help them better prepare for their job hunt.

Our Monetization Model

We provide recruitment and job hunting services to both enterprise users and job seekers and generate most of our revenue from paid services offered to enterprise users. For enterprise users, we offer direct recruitment services that allow them to post jobs and communicate with job seekers, which can be free or paid based on an innovative connection-oriented monetization strategy, supplemented by paid value-added tools to further enhance their recruitment efficiency as part of our overall recruitment services to the enterprise users. For job seekers, we offer job seeking services to communicate with employers for free and paid value-added tools to help job seekers better prepare for their job hunt and assess their candidacy.

Sales and Marketing

We empower our sales team with our proprietary CRM system by helping them find employers with demand and willingness to engage in bulk purchase or pay for more tailored services, which facilitates our sales team to reach out with these employers. This allows us to channel our data- driven insights into the sales process and drive conversion.

We pay to acquire user traffic from online third-party channels, mainly including app stores, search engines, info feeds and social networking platforms. We also benefit from organic traffic through word-of-mouth and brand recognition. We believe brand recognition is critical to our ability to continue to attract new users. To promote our brand image, we have launched various marketing initiatives, including outdoor advertising, TV advertising, video advertising, and marketing campaigns in major national and international events.

Recent Developments

Annual General Meeting (the “AGM”)

The Company held the AGM on June 26, 2023, and announced that each of the proposed resolutions submitted for shareholders’ approval as set forth in the notice of the AGM dated May 24, 2023 has been adopted at the AGM held in Beijing, China.

Share Repurchase Program

In March 2023, the Board authorized a new share repurchase program under which the Company may repurchase up to US$150 million of its shares (including in the form of American Depositary Shares (“ADSs”)) over the next 12 months. During the Reporting Period, the Company repurchased more than 1.4 million Class A ordinary shares at an aggregate consideration of approximately US$10.0 million. For details, please refer to the section headed “Purchase, Sale or Redemption of the Company’s Listed Securities” in this announcement.

Business Outlook

Looking ahead to the second half of 2023, we look forward to expanding our user base in all aspects, including job seekers, enterprise users, and enterprises in various industry and area. We will further optimize our sales and marketing strategy while continuing to invest in this area.

We will retain and further enhance the user-friendly ecosystem on our platform through ongoing technology developments. Moreover, we will reinforce our technology infrastructure and refine our recommendation algorithms, utilizing our optimized data analysis and deep learning capabilities.

MANAGEMENT DISCUSSION AND ANALYSIS

	For the six months ended June 30,
	2022			2023
	(Unaudited)			(Unaudited)
	(RMB in thousands)
Revenues
Online recruitment services to enterprise customers		2,227,184			2,730,879
Others		23,040			34,282
Total revenues		2,250,224			2,765,161
Operating cost and expenses
Cost of revenues⁽¹⁾		(351,578	)		(517,486	)
Sales and marketing expenses⁽¹⁾		(921,900	)		(1,100,431	)
Research and development expenses⁽¹⁾		(598,425	)		(698,975	)
General and administrative expenses⁽¹⁾		(316,035	)		(367,572	)
Total operating cost and expenses		(2,187,938	)		(2,684,464	)
Other operating income, net		10,743			17,035
Income from operations		73,029			97,732
Investment income		17,075			147,084
Financial income, net		24,185			131,587
Foreign exchange gain		4,694			2,808
Other (expenses)/income, net		(24,539	)		4,529
Income before income tax expenses		94,444			383,740
Income tax expenses		(14,123	)		(41,480	)
Net income		80,321			342,260

Note:

(1)	Share-based compensation expenses were allocated as follows:

	For the six months ended June 30,
	2022		2023
	(Unaudited)		(Unaudited)
	(RMB in thousands)
Cost of revenues		16,113		22,962
Sales and marketing expenses		63,817		124,530
Research and development expenses		115,117		196,430
General and administrative expenses		87,999		127,271
Total		283,046		471,193

Revenues

Our revenues primarily come from online recruitment services provided to paid enterprise customers. Our revenues increased by 22.9% from RMB2.3 billion for the six months ended June 30, 2022 to RMB2.8 billion for the six months ended June 30, 2023. This increase was primarily resulted from the user growth and increased user engagement. In particular, revenues from online recruitment services to enterprise customers were RMB2.7 billion for the first half of 2023, representing an increase of 22.6% from RMB2.2 billion for the first half of 2022. Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB34.3 million for the first half of 2023, representing an increase of 49.1% from RMB23.0 million for the first half of 2022, mainly benefiting from expanded user base.

Cost of Revenues

Our cost of revenues increased by 47.2% from RMB351.6 million for the six months ended June 30, 2022 to RMB517.5 million for the six months ended June 30, 2023, primarily driven by increases in server and bandwidth cost and payment processing cost in line with our business growth.

Sales and Marketing Expenses

Our sales and marketing expenses increased by 19.4% from RMB921.9 million for the six months ended June 30, 2022 to RMB1,100.4 million for the six months ended June 30, 2023, primarily due to increases in employee-related expenses as well as brand advertising expenses and customer acquisition cost.

Research and Development Expenses

Our research and development expenses increased by 16.8% from RMB598.4 million for the six months ended June 30, 2022 to RMB699.0 million for the six months ended June 30, 2023, which was primarily due to increased share-based compensation expenses.

General and Administrative Expenses

Our general and administrative expenses increased by 16.3% from RMB316.0 million for the six months ended June 30, 2022 to RMB367.6 million for the six months ended June 30, 2023, which was mainly due to increased share-based compensation expenses.

Income from Operations

As a result of the foregoing, income from operations increased by 33.8% from RMB73.0 million for the six months ended June 30, 2022 to RMB97.7 million for the six months ended June 30, 2023.

Income Tax Expenses

We accrued income tax expenses of RMB41.5 million for the six months ended June 30, 2023, as compared to that of RMB14.1 million for the six months ended June 30, 2022.

Net Income

Net income increased by 326.1% from RMB80.3 million for the six months ended June 30, 2022 to RMB342.3 million for the six months ended June 30, 2023, primarily resulting from increased investment income and financial income with the Company’s treasury management strategy to increase investments in time deposits as well as principal-guaranteed fixed rate notes and structured deposits.

OTHER INFORMATION ABOUT OUR FINANCIAL PERFORMANCE

Liquidity and Capital Resources

During the Reporting Period, we financed our operations primarily through cash generated from operations. As of June 30, 2023, our cash and cash equivalents, time deposits and short-term investments totaled RMB12.8 billion, and net cash generated from operating activities for the first half of 2023 was RMB1.3 billion.

Interest-bearing Bank and Other Borrowings

As of June 30, 2023, the Group did not have any interest-bearing bank and other borrowings.

Significant Investments

During the Reporting Period, the Group has the following fixed rate notes which have a value of 5% or more of the Group’s total assets as of June 30, 2023. They are principal guaranteed with fixed return and are akin to bank deposits:

Issue date	Parties to the fixed rate notes		Interest rate (per annum)	Maturity date	Payment of principal and return	Principal amount of subscription

May 30, 2023	•	The Company	5.30%	May 30, 2025	The principal amount will be paid on the maturity date. Interest will be paid on May 30 of each year from and including May 30, 2024 up to and including the maturity date.	USD150,000,000
	•	UBS AG (acting through its London Branch) as the issuer. UBS AG, which is incorporated and domiciled in Switzerland, engages in a full range of financial services activities as a bank.	5.30%	May 30, 2025		USD150,000,000

June 14, 2023	•	The Company	5.33%	June 14, 2024	The principal amount and the interest amount will be paid on the maturity date.	USD100,000,000
	•	Goldman Sachs Finance Corp International Ltd (“Goldman Sachs”) as the issuer. Goldman Sachs is a registered public limited company domiciled in Jersey. It issues warrants, certificates and notes (debt securities) in the European and Asian markets.	5.33%	June 14, 2024		USD100,000,000

June 14, 2023	•	The Company	5.23%	June 14, 2025	The principal amount and the interest amount will be paid on the maturity date.	USD70,000,000
	•	Goldman Sachs as the issuer.	5.23%	June 14, 2025		USD70,000,000

The Company uses its internal resources to subscribe for each of the fixed rate notes. To the best knowledge, information and belief of the Directors having made all reasonable enquiries, UBS AG, UBS AG, London Branch, Goldman Sachs and its respective ultimate beneficial owner(s) are not connected persons of the Company and are third parties independent of the Company and its connected persons.

The considerations of each of the fixed rate notes above were determined on the basis of commercial terms after the arm’s length negotiation between the Company and the respective aforementioned entities. Having regarded the fact that the fixed rate notes above are principal guaranteed and classified as relatively low-risk after assessment, and with reference to similar products in the market and their general rates of return, the Board is of the view that the terms of the aforementioned fixed rate notes are fair and reasonable and in the best interests of the Company and its shareholders as a whole.

Save as disclosed above, the Group did not have any significant investments (including any investment in an investee company with a value of 5% or more of the Group’s total assets as of June 30, 2023).

Material Acquisitions and Disposals

The Group did not have any material acquisitions or disposals of subsidiaries, consolidated affiliated entities or associated companies during the Reporting Period.

Pledge of Assets

As of June 30, 2023, the Group did not have any pledge of assets.

Future Plans for Material Investments and Capital Assets

As of June 30, 2023, the Group did not have any detailed future plans for material investments or capital assets.

Gearing Ratio

Gearing ratio equals total debt divided by total equity as of the end of the period. Total debt is defined as interest-bearing borrowings, which include short-term borrowings, current portion of long-term borrowings and long-term borrowings. As of June 30, 2023, the Group’s gearing ratio was nil as the Group had no borrowings (as of December 31, 2022: nil).

Foreign Exchange Exposure

Substantially all of our revenues and the majority of our expenses are denominated in Renminbi (“RMB”). The majority of our cash and cash equivalents are denominated in U.S. dollars. We have not used any derivative financial instruments to hedge exposure to such risk. However, we monitor our currency risk exposure by periodically reviewing foreign currency exchange rates and will consider hedging significant foreign currency exposure should the need arise. To the extent that we need to convert U.S. dollars into RMB for our operations, appreciation of the RMB against the U.S. dollars would have an adverse effect on the RMB amount we receive from the conversion. Conversely, if we decide to convert RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollars against the RMB would have a negative effect on the U.S. dollars amounts available to us.

Contingent Liabilities

The Company had no material contingent liabilities as of June 30, 2023.

Capital Expenditure Commitment

The Company had no material capital expenditure commitment as of June 30, 2023.

Employees and Remuneration Policies

As of June 30, 2023, the Group had a total of 5,434 employees. The following table sets forth the total number of employees by function as of June 30, 2023:

Function	Number of employees		% of total
Sales and marketing		2,702		49.7	%
Research and development		1,346		24.8	%
Operations		1,111		20.4	%
General administration		275		5.1	%
Total		5,434		100.0	%

As part of our retention strategy, we offer employees competitive salaries, incentive share grants and other incentives. The Group participates in various government statutory employee benefit plans, including social insurance, namely pension insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance, and housing funds. In addition, the Group purchased employer’s liability insurance and additional commercial health insurance to increase insurance coverage of its employees. The Company has also adopted the 2020 Share Incentive Plan and the Post-IPO Share Scheme.

CORPORATE GOVERNANCE

The Board is committed to achieving high corporate governance standards. The Board believes that high corporate governance standards are essential in providing a framework for the Company to safeguard the interests of shareholders of the Company (“Shareholders”) and to enhance corporate value and accountability.

Compliance with the Corporate Governance Code

During the Reporting Period, the Company has complied with all the code provisions of the Corporate Governance Code (the “Corporate Governance Code”) set forth in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), save and except for the following.

Pursuant to code provision C.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules, companies listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) are expected to comply with, but may choose to deviate from the requirement that the responsibilities between the chairman and the chief executive officer should be segregated and should not be performed by the same individual. The Company deviates from this provision because Mr. Peng Zhao (“Mr. Zhao”) performs both the roles of the chairman of the Board and the chief executive officer of the Company. Mr. Zhao is the founder of the Group and has extensive experience in the business operations and management of the Group. The Board believes that vesting the roles of both chairman of the Board and chief executive officer to Mr. Zhao has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. This structure will enable the Company to make and implement decisions promptly and effectively. The Board considers that the balance of power and authority will not be impaired due to this arrangement. In addition, all major decisions are made in consultation with members of the Board, including the relevant Board committees and independent non-executive Directors. The Board will continue to review and consider segregating the roles of chairman and the chief executive officer of the Company from time-to-time, and may recommend dividing the two roles between different people in the future, taking into account the circumstances of the Group as a whole.

Compliance with the Model Code for Securities Transactions by Directors

The Company has adopted the Management Trading of Securities Policy (the “Code”), with terms no less exacting that the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules, as its own securities dealing code to regulate all dealings by Directors and relevant employees of securities in the Company and other matters covered by the Code.

Specific enquiry has been made to all the Directors and the relevant employees, and they have confirmed that they have complied with the Code during the Reporting Period.

Audit Committee

The Board has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the Corporate Governance Code.

The primary duties of the Audit Committee are, among other things, to monitor the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters, review the adequacy of our internal control over financial reporting, and review all related party transactions for potential conflict of interest situations and approving all such transactions.

The Audit Committee comprises three independent non-executive Directors, namely Mr. Charles Zhaoxuan Yang, Mr. Yonggang Sun, and Mr. Yusheng Wang. Mr. Charles Zhaoxuan Yang, being the chairman of the Audit Committee, is appropriately qualified as required under Rules 3.10(2) and 3.21 of the Listing Rules.

The Audit Committee has reviewed the unaudited condensed consolidated financial statements of the Group for the six months ended June 30, 2023. The Audit Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control and financial reporting matters with senior management members of the Company.

In addition, the independent auditor of the Company, PricewaterhouseCoopers, has reviewed the unaudited condensed consolidated financial statements of the Group for the six months ended June 30, 2023 in accordance with International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”.

OTHER INFORMATION

Purchase, Sale or Redemption of the Company’s Listed Securities

During the Reporting Period, the Company repurchased a total of 721,426 ADSs (representing 1,442,852 Class A ordinary shares of the Company) (the “Repurchased Shares”) at an aggregate consideration (before all the relevant expenses) of US$9,999,822.98 on the Nasdaq Global Select Market (the “Nasdaq”).

Particulars of the repurchase made by the Company during the Reporting Period are as follows:

Aggregate

Number of

consideration

Class A

Price per ordinary share

paid (before

ordinary shares

Highest

Lowest

all the relevant

Trading Month

repurchased

price paid

expenses)

(US$)

May 2023

1,442,852

7.185

6.585

9,999,822.98

The Repurchased Shares have been cancelled in July 2023. Upon cancellation of the Repurchased Shares, Mr. Zhao, the weighted voting rights (“WVR”) beneficiary of the Company simultaneously reduced his WVR in the Company proportionately by way of converting his Class B ordinary shares into Class A ordinary shares on a one-to-one ratio pursuant to Rule 8A.21 of the Listing Rules, such that the proportion of shares carrying WVR of the Company shall not be increased, pursuant to the requirements under Rules 8A.13 and 8A.15 of the Listing Rules.

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s securities listed on the Hong Kong Stock Exchange or on the Nasdaq during the Reporting Period.

Material Litigation

The Company was not involved in any material litigation or arbitration during the six months ended June 30, 2023. The Directors are also not aware of any material litigation or claims that are pending or threatened against the Group during the Reporting Period.

Interim Dividend

The Board did not recommend any interim dividend for the six months ended June 30, 2023.

Significant Events after the Reporting Period

Save as disclosed in this announcement, there was no significant events that might affect the Company after the Reporting Period.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

		For the six months ended June 30,
	Notes	2022			2023
		RMB			RMB
		(in thousands, except for share
		and per share data)
Revenues
Online recruitment services to enterprise customers			2,227,184			2,730,879
Others			23,040			34,282
Total revenues	3		2,250,224			2,765,161
Operating cost and expenses
Cost of revenues			(351,578	)		(517,486	)
Sales and marketing expenses			(921,900	)		(1,100,431	)
Research and development expenses			(598,425	)		(698,975	)
General and administrative expenses			(316,035	)		(367,572	)
Total operating cost and expenses			(2,187,938	)		(2,684,464	)
Other operating income, net			10,743			17,035
Income from operations			73,029			97,732
Investment income			17,075			147,084
Financial income, net			24,185			131,587
Foreign exchange gain			4,694			2,808
Other (expenses)/income, net			(24,539	)		4,529
Income before income tax expenses			94,444			383,740
Income tax expenses	4		(14,123	)		(41,480	)
Net income			80,321			342,260
Net income attributable to ordinary shareholders			80,321			342,260

Net income			80,321			342,260
Other comprehensive income
Foreign currency translation adjustments			539,012			403,775
Total comprehensive income			619,333			746,035

Weighted average number of ordinary shares used in computing net income per share	5
– Basic			869,427,036			867,314,841
– Diluted			917,484,059			903,757,988
Net income per share attributable to ordinary shareholders	5
– Basic			0.09			0.39
– Diluted			0.09			0.38

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	Notes	As of December 31, 2022			As of June 30, 2023
		RMB			RMB
		(in thousands)
ASSETS
Current assets
Cash and cash equivalents			9,751,824			2,740,769
Time deposits and short-term investments	6		3,458,089			10,050,063
Accounts receivable, net	7		9,862			15,196
Amounts due from related parties			5,714			9,536
Prepayments and other current assets	8		600,773			436,934
Total current assets			13,826,262			13,252,498
Non-current assets
Property, equipment and software, net			691,036			892,752
Intangible assets, net			10,251			9,172
Goodwill			5,690			5,690
Right-of-use assets, net			289,628			266,474
Long-term investments	6		–			1,952,215
Other non-current assets			4,000			4,000
Total non-current assets			1,000,605			3,130,303
Total assets			14,826,867			16,382,801
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	9		185,297			173,483
Deferred revenue			2,060,892			2,564,777
Other payables and accrued liabilities	10		633,482			520,012
Operating lease liabilities, current			151,438			148,926
Total current liabilities			3,031,109			3,407,198
Non-current liabilities
Operating lease liabilities, non-current			143,591			117,780
Deferred tax liabilities			11,404			25,815
Total non-current liabilities			154,995			143,595
Total liabilities			3,186,104			3,550,793
Shareholders’ equity Ordinary shares			564			564
Treasury shares			(918,894	)		(989,786	)
Additional paid-in capital			15,450,389			15,966,491
Accumulated other comprehensive income			695,184			1,098,959
Accumulated deficit			(3,586,480	)		(3,244,220	)
Total shareholders’ equity			11,640,763			12,832,008
Total liabilities and shareholders’ equity			14,826,867			16,382,801

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the six months ended June 30,
	2022			2023
	RMB			RMB
	(in thousands)
Net cash provided by operating activities		480,948			1,307,618
Net cash used in investing activities		(97,909	)		(8,390,368	)
Net cash (used in)/provided by financing activities		(87,816	)		68,955
Effect of exchange rate changes on cash and cash equivalents		537,116			2,740
Net increase/(decrease) in cash and cash equivalents		832,339			(7,011,055	)
Cash and cash equivalents at beginning of the period		11,341,758			9,751,824
Cash and cash equivalents at end of the period		12,174,097			2,740,769

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.	GENERAL INFORMATION

KANZHUN LIMITED (the “Company”) was incorporated under the laws of the Cayman Islands on January 16, 2014 as an exempted company with limited liability. The Company, through its subsidiaries, consolidated variable interest entity (the “VIE”) and VIE’s subsidiaries (collectively referred to as the “Group”), is primarily engaged in providing online recruitment services through a platform named “BOSS Zhipin” in the People’s Republic of China (the “PRC” or “China”).

2.	BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. The unaudited condensed consolidated financial statements include financial statements of the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries for which the Company is the ultimate primary beneficiary, and have been prepared on the same basis as the audited consolidated financial statements of the preceding fiscal year and include all adjustments necessary for the fair statement of results for the periods presented. The consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements at that date but does not include all the information and notes required by U.S. GAAP. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2022. Significant accounting policies applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. The interim results are not necessarily indicative of the results of operations expected for the full year or any future periods.

3.	REVENUES

The Group defines enterprise customers who contributed revenues of RMB50,000 or more annually as key accounts, who contributed revenues between RMB5,000 and RMB50,000 annually as mid-sized accounts, and who contributed revenues of RMB5,000 or less annually as small-sized accounts. Revenues by source consist of the following:

	For the six months ended June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Online recruitment services to enterprise customers		2,227,184		2,730,879
– Key accounts		517,925		551,984
– Mid-sized accounts		910,848		995,592
– Small-sized accounts		798,411		1,183,303
Others		23,040		34,282
Total		2,250,224		2,765,161

For revenues from online recruitment services to enterprise customers, RMB1,647.9 million and RMB1,988.3 million were recognized over time for the six months ended June 30, 2022 and 2023, respectively; RMB579.3 million and RMB742.6 million were recognized at a point in time for the six months ended June 30, 2022 and 2023, respectively.

4.	INCOME TAX

Cayman Islands

The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, no Cayman Islands withholding tax will be imposed upon payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiary in Hong Kong is subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

China

Under the PRC Enterprise Income Tax Law (the “EIT Law”), domestic enterprises and foreign investment enterprises are subject to a uniform enterprise income tax rate of 25%. In accordance with the implementation rules of the EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years and could be re-applied when the prior certificate expires. The consolidated VIE, Beijing Huapin Borui Network Technology Co., Ltd., is qualified as a HNTE and enjoys a preferential income tax rate of 15% for the periods presented.

According to relevant laws and regulations promulgated by the State Taxation Administration (“STA”) of the PRC effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses incurred as tax deductible expenses when determining their assessable profits for the year, which is subject to the approval from the relevant tax authorities. Pursuant to the announcement issued by the STA of the PRC and other government authorities in September 2022, enterprises engaging in research and development activities are entitled to claim 200% of qualified research and development expenses for the period from October 1, 2022 to December 31, 2022 as tax deductible expenses. In March 2023, the STA of the PRC further announced that the 200% super deduction of qualified research and development expenses would continue to be applied from January 1, 2023.

Components of income tax expenses are as follows:

	For the six months ended June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Current income tax expenses		14,123		27,069
Deferred income tax expenses		–		14,411
Total		14,123		41,480

5.	NET INCOME PER SHARE

The computation of basic and diluted net income per share for the six months ended June 30, 2022 and 2023 is as follows:

	For the six months ended June 30,
	2022		2023
	RMB		RMB
	(in thousands, except for share and
	per share data)
Numerator
Net income attributable to ordinary shareholders		80,321		342,260

Denominator
Weighted average number of ordinary shares used in computing basic net income per share		869,427,036		867,314,841
Dilutive effect of share-based awards		48,057,023		36,443,147
Weighted average number of ordinary shares used in computing diluted net income per share		917,484,059		903,757,988

Net income per share attributable to ordinary shareholders
– Basic		0.09		0.39
– Diluted		0.09		0.38

6.	TIME DEPOSITS AND INVESTMENTS

	As of		As of
	December 31,		June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Time deposits and short-term investments
– Time deposits		793,042		7,087,902
– Wealth management products		2,665,047		1,879,280
– Fixed rate notes*		–		724,399
– Structured deposits		–		351,164
– Listed equity securities		–		7,318
Total time deposits and short-term investments		3,458,089		10,050,063

Long-term investments
– Fixed rate notes*		–		1,590,925
– Structured deposits		–		361,290
Total long-term investments		–		1,952,215

Fixed rate notes are principal-guaranteed with fixed return, which the Group has positive intent and ability to hold to maturity and were measured at amortized cost basis.

7.	ACCOUNTS RECEIVABLE, NET

An aging analysis of accounts receivable as of December 31, 2022 and June 30, 2023, based on recognition date and net of credit loss allowance, is as follows:

	As of		As of
	December 31,		June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Within 3 months		8,903		10,067
Between 3 months and 6 months		415		4,479
Between 6 months and 1 year		92		513
More than 1 year		452		137
Total		9,862		15,196

8.	PREPAYMENTS AND OTHER CURRENT ASSETS

	As of		As of
	December 31,		June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Prepaid advertising expenses and service fee		211,604		125,409
Receivables from third-party on-line payment platforms		30,317		102,856
Deposits		68,390		60,948
Receivables related to the exercise of share-based awards*		172,452		52,691
Staff loans and advances		33,672		29,818
Others		84,338		65,212
Total		600,773		436,934

It mainly represented receivables from a third-party share option brokerage platform for the exercise of share-based awards due to the timing of settlement.

9.	ACCOUNTS PAYABLE

	As of		As of
	December 31,		June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Payables for purchase of property, equipment and software		142,142		121,919
Payables for advertising expenses		32,277		23,249
Others		10,878		28,315
Total		185,297		173,483

An aging analysis of accounts payable as of December 31, 2022 and June 30, 2023, based on recognition date, is as follows:

	As of		As of
	December 31,		June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Within 3 months		163,146		154,736
Between 3 months and 6 months		9,152		2,902
Between 6 months and 1 year		7,667		4,247
More than 1 year		5,332		11,598
Total		185,297		173,483

10.

OTHER PAYABLES AND ACCRUED LIABILITIES

	As of		As of
	December 31,		June 30,
	2022		2023
	RMB		RMB
	(in thousands)
Salary, welfare and bonus payable		366,454		321,008
Consideration payable for share repurchase		–		72,361
Advance from customers*		58,630		64,669
Tax payable		152,598		48,221
Others		55,800		13,753
Total		633,482		520,012

It represents advance payments from customers, which are refundable under certain conditions and could be used to exchange for the Group’s services.

11.

SUBSEQUENT EVENT

In August 2023, the Group invested a total of RMB100.0 million for approximately 1.38% equity interest in a technology company.

12.

DIVIDEND

No dividend was declared for the six-month period ended June 30, 2022 and 2023.

PUBLICATION OF THE INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT

This interim results announcement is published on the respective websites of the Hong Kong Stock Exchange (http://www.hkexnews.hk) and the Company (https://ir.zhipin.com/). The interim report of the Company for the six months ended June 30, 2023 will be despatched to the Shareholders and will be made available on the abovementioned websites in due course.

	By order of the Board
	KANZHUN LIMITED
	Mr. Peng Zhao
	Founder, Chairman and Chief Executive Officer

Hong Kong, August 29, 2023

As of the date of this announcement, the board of directors of the Company comprises Mr. Peng Zhao, Mr. Yu Zhang, Mr. Xu Chen, Mr. Tao Zhang and Ms. Xiehua Wang as the executive Directors, Mr. Haiyang Yu as the non-executive Director, Mr. Charles Zhaoxuan Yang, Mr. Yonggang Sun and Mr. Yusheng Wang as the independent non-executive Directors.

Exhibit 99.3

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

KANZHUN LIMITED

看準科技有限公司

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 2076)

(Nasdaq Stock Ticker: BZ)

CHANGE OF JOINT COMPANY SECRETARY AND

WAIVER FROM STRICT COMPLIANCE WITH RULES 3.28 AND

8.17 OF THE LISTING RULES

RESIGNATION OF JOINT COMPANY SECRETARY

The board (the “Board”) of directors (the “Directors”) of Kanzhun Limited (the “Company”, together with its subsidiaries and consolidated affiliated entities, collectively the “Group”) announces that Ms. Wenbei Wang (“Ms. Wang”) has tendered her resignation as a joint company secretary of the Company (“Joint Company Secretary”) with effect from August 29, 2023.

Ms. Wang confirmed that she has no disagreement with the Board and there are no matters with regard to her resignation which need to be brought to the attention of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) or the shareholders of the Company.

APPOINTMENT OF JOINT COMPANY SECRETARY

Following the resignation of Ms. Wang, the Board is pleased to further announce that Ms. Huaiyuan Liang (“Ms. Liang”) has been appointed as a Joint Company Secretary with effect from August 29, 2023. Ms. Mei Ying Ko (“Ms. Ko”) will remain as the other Joint Company Secretary.

The biographical details of Ms. Liang are set out as follows:

Ms. Liang currently serves as the Company’s director of compliance, and her responsibilities mainly cover compliance with listing requirements and corporate governance. Ms. Liang joined the Company in January 2019 and served in various roles across the department of corporate strategy and capital markets of the Company. Ms. Liang received her bachelor’s degree from the Renmin University of China and her master’s degree from Duke University. Ms. Liang holds the Chartered Financial Analyst (CFA) designation and is also a Certified Financial Risk Manager (FRM).

The biographical details of Ms. Ko are set out as follows:

Ms. Ko has been appointed as the other joint company secretary of the Company effective upon the Company’s listing date (i.e. December 22, 2022). Ms. Ko is also currently a senior manager of Corporate Services of Tricor Services Limited, a global professional services provider specializing in integrated Business, Corporate and Investor Services. She has over 10 years’ experience in the corporate secretarial, auditing and accounting services. Ms. Ko holds a master of science degree in Professional Accounting and Corporate Governance from City University of Hong Kong, and a bachelor degree of commerce majoring in Accounting from Macquarie University in Australia. She is a Chartered Secretary, a Chartered Governance Professional, an Associate of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom, and Certified Practising Accountant of CPA Australia.

The Board wishes to take this opportunity to express its gratitude to Ms. Wang for her contribution during her tenure of office and express its warmest welcome to Ms. Liang on her appointment.

WAIVER FROM STRICT COMPLIANCE WITH RULES 3.28 AND 8.17 OF THE LISTING RULES

Pursuant to Rule 8.17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), a listed issuer must appoint a company secretary who satisfies the requirements under Rule 3.28 of the Listing Rules. Pursuant to Rule 3.28 of the Listing Rules, a listed issuer must appoint as its company secretary an individual who, by virtue of his/her academic or professional qualifications or relevant experience, is, in the opinion of the Stock Exchange, capable of discharging the functions of company secretary.

The Company considers that Ms. Liang, by virtue of her academic qualifications, familiarity with the Company’s operations as well as experience in handling its compliance with listing requirements and corporate governance matters and with the support to be rendered by Ms. Ko and her working team at Tricor Services Limited, would be capable of discharging her functions as a Joint Company Secretary.

The Company believes that it would be in the best interests of the Company and the corporate governance of the Group to have as its joint company secretary a person such as Ms. Liang, who is an employee of the Company and who has day-to-day knowledge of the Company’s affairs. Ms. Liang has the necessary nexus to the Board and close working relationship with management of the Company in order to perform the function of a joint company secretary and to take the necessary actions in the most effective and efficient manner.

During her roles in the department of capital markets and in her capacity as the director of compliance of the Company, Ms. Liang has actively participated in the listing and post-listing matters of the Company, from which she has acquired extensive knowledge of the relevant Hong Kong regulatory requirements.

In relation to the appointment of Ms. Liang as Joint Company Secretary and since she does not possess the qualifications of company secretary as required under Rule 3.28 of the Listing Rules, the Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance with the requirements under Rules 3.28 and 8.17 of the Listing Rules for a period of three years from the effective date of the appointment of Ms. Liang as a Joint Company Secretary (the “Waiver Period”).

The waiver is granted on the conditions that (i) Ms. Liang must be assisted by Ms. Ko during the Waiver Period; and (ii) the waiver could be revoked if there are material breaches of the Listing Rules by the Company. In addition, the Company should announce the reasons, details and conditions of this waiver and the qualification and experience of both Ms. Liang and Ms. Ko. Before the end of the Waiver Period, the Company must demonstrate and seek the Stock Exchange’s confirmation that Ms. Liang, having had the benefit of Ms. Ko’s assistance during the Waiver Period, has attained the relevant experience and is capable of discharging the functions of company secretary under Rule 3.28 of the Listing Rules such that a further waiver will not be necessary.

The waiver applies to the appointment of Ms. Liang as the Joint Company Secretary only and will be revoked immediately if and when Ms. Ko ceases to be a Joint Company Secretary. The Stock Exchange may withdraw or change the waiver if the Company’s situation changes.

	By order of the Board
	KANZHUN LIMITED
	Mr. Peng Zhao
	Founder, Chairman and Chief Executive Officer

Hong Kong, August 29, 2023

As of the date of this announcement, the board of directors of the Company comprises Mr. Peng Zhao, Mr. Yu Zhang, Mr. Xu Chen, Mr. Tao Zhang and Ms. Xiehua Wang as the executive Directors, Mr. Haiyang Yu as the non-executive Director, Mr. Charles Zhaoxuan Yang, Mr. Yonggang Sun and Mr. Yusheng Wang as the independent non-executive Directors.