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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Class A ordinary shares
Common stock shares authorized	1,800,000,000	1,800,000,000
Common stock shares issued	750,523,103	749,323,103
Common stock shares outstanding	740,172,377	724,582,975
Class B ordinary shares
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	139,630,401	140,830,401
Common stock shares outstanding	139,630,401	140,830,401

ACCOUNTS PAYABLE

12 Months Ended

Dec. 31, 2023

ACCOUNTS PAYABLE

ACCOUNTS PAYABLE

8.ACCOUNTS PAYABLE


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Payables for purchase of property, equipment and software	142,142	561,317
Payables for advertising expenses	32,277	15,369
Others	10,878	52,530
Total	185,297	629,216

ACCOUNTS PAYABLE (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ACCOUNTS PAYABLE
Payables for purchase of property, equipment and software	¥ 561,317		¥ 142,142
Payables for advertising expenses	15,369		32,277
Others	52,530		10,878
Total	¥ 629,216	$ 88,623	¥ 185,297

ORDINARY SHARES	12 Months Ended
Dec. 31, 2023
ORDINARY SHARES
ORDINARY SHARES	13.ORDINARY SHARES In March 2021, the Company repurchased 1,181,339 Class B ordinary shares from TECHWOLF LIMITED, controlled by Mr. Peng Zhao, Founder, Chairman and CEO of the Group. Immediately after the repurchase, those Class B ordinary shares were cancelled. The difference between the purchase price and the fair value of Class B ordinary shares was recorded as additional paid-in capital in the consolidated financial statements. In June 2021, the Company issued and granted 24,745,531 Class B ordinary shares to TECHWOLF LIMITED (Note 16). In June 2021, the Company completed its US IPO and 110,400,000 Class A ordinary shares were issued with total net proceeds of RMB6,406.9 million. Upon the completion of the US IPO, all of the preferred shares were automatically converted to 551,352,134 Class A ordinary shares (Note 15). In December 2022, the Company successfully listed, by way of introduction, its Class A ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “HK Listing”). In March 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$150 million of its American depositary shares (“ADSs”) over the following 12 months. 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. For the year ended December 31, 2022, the Company repurchased 8,822,549 ADSs (representing 17,645,098 Class A ordinary shares) for approximately US$131.2 million (RMB918.9 million) on the open market. For the year ended December 31, 2023, the Company repurchased 1,765,456 ADSs (representing 3,530,912 Class A ordinary shares) for approximately US$26.0 million (RMB184.7 million) on the open market. The repurchased ordinary shares were accounted for using the cost method and recorded as treasury shares as a component of the shareholders’ equity. As of December 31, 2023, 750,523,103 Class A ordinary shares were issued, out of which 740,172,377 outstanding, and 139,630,401 Class B ordinary shares were issued and outstanding. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes on resolutions except for that with respect to certain reserved matters.

ORDINARY SHARES

12 Months Ended

Dec. 31, 2023

ORDINARY SHARES

ORDINARY SHARES

13.ORDINARY SHARES

In March 2021, the Company repurchased 1,181,339 Class B ordinary shares from TECHWOLF LIMITED, controlled by Mr. Peng Zhao, Founder, Chairman and CEO of the Group. Immediately after the repurchase, those Class B ordinary shares were cancelled. The difference between the purchase price and the fair value of Class B ordinary shares was recorded as additional paid-in capital in the consolidated financial statements.

In June 2021, the Company issued and granted 24,745,531 Class B ordinary shares to TECHWOLF LIMITED (Note 16).

In June 2021, the Company completed its US IPO and 110,400,000 Class A ordinary shares were issued with total net proceeds of RMB6,406.9 million. Upon the completion of the US IPO, all of the preferred shares were automatically converted to 551,352,134 Class A ordinary shares (Note 15).

In December 2022, the Company successfully listed, by way of introduction, its Class A ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “HK Listing”).

In March 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$150 million of its American depositary shares (“ADSs”) over the following 12 months. 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. For the year ended December 31, 2022, the Company repurchased 8,822,549 ADSs (representing 17,645,098 Class A ordinary shares) for approximately US$131.2 million (RMB918.9 million) on the open market. For the year ended December 31, 2023, the Company repurchased 1,765,456 ADSs (representing 3,530,912 Class A ordinary shares) for approximately US$26.0 million (RMB184.7 million) on the open market. The repurchased ordinary shares were accounted for using the cost method and recorded as treasury shares as a component of the shareholders’ equity.

As of December 31, 2023, 750,523,103 Class A ordinary shares were issued, out of which 740,172,377 outstanding, and 139,630,401 Class B ordinary shares were issued and outstanding. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes on resolutions except for that with respect to certain reserved matters.

OPERATING LEASE - Schedule Of Supplemental Balance Sheet Information Related To Operating Lease (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
OPERATING LEASE
Right-of-use assets, net	¥ 282,612	$ 39,805	¥ 289,628
Operating lease liabilities, current	155,014	21,833	151,438
Operating lease liabilities, non-current	125,079	$ 17,617	143,591
Total operating lease liabilities	¥ 280,093		¥ 295,029
Weighted average remaining lease term (in years)	2 years 18 days	2 years 18 days	2 years 7 months 6 days
Weighted average discount rate	4.77%	4.77%	4.81%

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost	¥ 2,323,747		¥ 972,415
Less: accumulated depreciation	(530,259)		(281,379)
Total property, equipment and software, net	1,793,488	$ 252,607	691,036
Electronic equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost	2,149,561		849,020
Leasehold improvement
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost	136,541		95,554
Furniture and fixtures
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost	15,384		18,514
Motor vehicles
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost	15,251		5,272
Software
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total cost	¥ 7,010		¥ 4,055

OTHER PAYABLES AND ACCRUED LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
OTHER PAYABLES AND ACCRUED LIABILITIES
Salary, welfare and bonus payable	¥ 457,974		¥ 366,454
Tax payable	116,657		152,598
Consideration payable for share repurchase	113,387
Advance from customers	73,196		58,630
Others	17,832		55,800
Total	¥ 779,046	$ 109,726	¥ 633,482

OPERATING LEASE - Schedule Of Maturities Of Operating Lease Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OPERATING LEASE
2024	¥ 158,723
2025	113,895
2026	20,894
2027	455
Thereafter	0
Total undiscounted lease payments	293,967
Less: imputed interest	(13,874)
Total operating lease liabilities	¥ 280,093	¥ 295,029

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

22.SUBSEQUENT EVENTS

In February 2024, the Group acquired approximately 77% of the equity interest of W.D Technology Investment Group Limited, which is principally engaged in providing blue-collar recruitment services. The consideration of this acquisition was approximately US$52.7 million. The Group obtained control of the investee since it holds majority of the investee’s equity interest and is entitled to assign majority of the board members, one of whom shall be the chief executive officer of the investee. This acquisition is accounted for as a business acquisition and the Group is currently evaluating the purchase price allocation.

In March 2024, the Company’s board of directors authorized a new share repurchase program effective from March 20, 2024 for a 12-month period, under which the Company may repurchase up to US$200 million of its shares (including in the form of ADSs).

REVENUES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
REVENUES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUES
Revenue	¥ 5,952,028	$ 838,326	¥ 4,511,062	¥ 4,259,128
Online recruitment services to enterprise customers
REVENUES
Revenue	5,889,101	829,463	4,461,282	4,219,026
Others
REVENUES
Revenue	62,927	$ 8,863	49,780	40,102
Key accounts \| Online recruitment services to enterprise customers
REVENUES
Revenue	1,261,718		1,033,561	928,360
Mid-sized accounts \| Online recruitment services to enterprise customers
REVENUES
Revenue	2,130,881		1,774,855	1,513,506
Small-sized accounts \| Online recruitment services to enterprise customers
REVENUES
Revenue	¥ 2,496,502		¥ 1,652,866	¥ 1,777,160

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND SOFTWARE, NET

Schedule of property, equipment and software, net


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Electronic equipment	849,020	2,149,561
Leasehold improvement	95,554	136,541
Furniture and fixtures	18,514	15,384
Motor vehicles	5,272	15,251
Software	4,055	7,010
Total cost	972,415	2,323,747
Less: accumulated depreciation	(281,379)	(530,259)
Total property, equipment and software, net	691,036	1,793,488

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENTS

Schedule of investments


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Short-term investments
—Wealth management products	2,665,047	2,783,212
—Fixed rate notes⁽¹⁾	—	729,348
—Listed equity securities	—	1,325
Total short-term investments	2,665,047	3,513,885

Long-term investments
—Fixed rate notes⁽¹⁾	—	1,969,405
—Wealth management products	—	354,135
—Unlisted equity securities⁽²⁾	—	149,588
Total long-term investments	—	2,473,128

(1)

Fixed rate notes are principal-guaranteed with fixed return, which the Group has positive intent and ability to hold to maturity. Accordingly, this investment is classified as held-to-maturity debt securities and measured at amortized cost.

(2)

Unlisted equity securities represent investments in preferred shares in a private company, which contain certain substantive preferential rights including redemption at the Group’s option upon the occurrence of certain contingent events that are out of the investee’s control and liquidation preference over common shareholders. This investment is classified as available-for-sale debt securities and measured at fair value with changes in fair value recognized in other comprehensive income/(loss).

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAX

Schedule of components of (loss)/income before income tax


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Income from Chinese mainland operations	610,813	125,529	809,506
(Loss)/Income from non-Chinese mainland operations	(1,622,360)	(8,533)	412,283
Total	(1,011,547)	116,996	1,221,789

Schedule of components of income tax expenses


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Current income tax expenses	59,527	427	108,488
Deferred income tax expenses	—	9,324	14,083
Total	59,527	9,751	122,571

Schedule of reconciliation between the PRC statutory income tax rate and effective income tax rate


	For the year ended December 31,
	2021		2022		2023
PRC statutory income tax rate	25.00	%	25.00	%	25.00	%
Effect of tax-exempt entities and tax rates in different jurisdictions	(37.89)	%	(21.95)	%	(5.72)	%
Effect of PRC preferential tax rates	5.15	%	(10.43)	%	(7.72)	%
Effect of permanent difference*	1.24	%	(11.00)	%	0.36	%
Changes in valuation allowance	(8.38)	%	16.63	%	(2.40)	%
Others	9.00	%	10.08	%	0.51	%
Effective tax rate	(5.88)	%	8.33	%	10.03	%

The effect of permanent difference for the year ended December 31, 2022 was primarily related to additional tax deductions for qualified research and development expenses and newly purchased equipment, partially offset by non-deductible share-based compensation expenses.

Schedule of deferred tax assets and liabilities


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Deferred tax assets
Deductible advertising expenses	272,810	225,344
Net operating loss carry-forwards	94,704	99,606
Others	58	77
Total deferred tax assets	367,572	325,027
Less: valuation allowance	(354,306)	(325,027)
Total deferred tax assets, net of valuation allowance	13,266	—
Deferred tax liabilities
Accelerated tax depreciation	(22,693)	(19,122)
Unrealized gains from investments	—	(7,740)
Identifiable intangible assets arising from business acquisition	(1,977)	(1,563)
Total deferred tax liabilities	(24,670)	(28,425)
Deferred tax liabilities, net of deferred tax assets	(11,404)	(28,425)

Schedule of movements of valuation allowance


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Balance at beginning of the year	250,032	334,848	354,306
Change of valuation allowance	84,816	19,458	(29,279)
Balance at end of the year	334,848	354,306	325,027

INCOME TAX

12 Months Ended

Dec. 31, 2023

INCOME TAX

INCOME TAX

12.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. Huapin is qualified as a HNTE and enjoys a preferential income tax rate of 15% for the years 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("Super R&D Deduction") when determining their assessable profits for the year. Pursuant to the announcement issued by the STA of the PRC and other government authorities in September 2022, the Super R&D Deduction rate increased to 200% for the period from October 1, 2022 to December 31, 2022. In March 2023, the STA of the PRC further announced that the 200% Super R&D Deduction rate would continue to be applied from January 1, 2023. Additionally, HNTEs are entitled to claim 200% of the purchase of equipment and appliances made during the period from October 1, 2022 to December 31, 2022 as tax deductible expenses for the year ended December 31, 2022.

Components of (loss)/income before income tax are as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Income from Chinese mainland operations	610,813	125,529	809,506
(Loss)/Income from non-Chinese mainland operations	(1,622,360)	(8,533)	412,283
Total	(1,011,547)	116,996	1,221,789

Components of income tax expenses are as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Current income tax expenses	59,527	427	108,488
Deferred income tax expenses	—	9,324	14,083
Total	59,527	9,751	122,571

12.INCOME TAX (CONTINUED)

The following table sets forth a reconciliation between the PRC statutory income tax rate of 25% and the Group’s effective tax rate:


	For the year ended December 31,
	2021		2022		2023
PRC statutory income tax rate	25.00	%	25.00	%	25.00	%
Effect of tax-exempt entities and tax rates in different jurisdictions	(37.89)	%	(21.95)	%	(5.72)	%
Effect of PRC preferential tax rates	5.15	%	(10.43)	%	(7.72)	%
Effect of permanent difference*	1.24	%	(11.00)	%	0.36	%
Changes in valuation allowance	(8.38)	%	16.63	%	(2.40)	%
Others	9.00	%	10.08	%	0.51	%
Effective tax rate	(5.88)	%	8.33	%	10.03	%

The following table sets forth the significant components of deferred tax assets and liabilities:


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Deferred tax assets
Deductible advertising expenses	272,810	225,344
Net operating loss carry-forwards	94,704	99,606
Others	58	77
Total deferred tax assets	367,572	325,027
Less: valuation allowance	(354,306)	(325,027)
Total deferred tax assets, net of valuation allowance	13,266	—
Deferred tax liabilities
Accelerated tax depreciation	(22,693)	(19,122)
Unrealized gains from investments	—	(7,740)
Identifiable intangible assets arising from business acquisition	(1,977)	(1,563)
Total deferred tax liabilities	(24,670)	(28,425)
Deferred tax liabilities, net of deferred tax assets	(11,404)	(28,425)

As of December 31, 2023, the Group had accumulated tax losses of approximately RMB401.6 million, mainly derived from certain entities incorporated in the PRC and overseas. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period is extended to 10 years for entities qualified as HNTEs. The tax losses in Hong Kong can be carried forward with no expiration date. Under the U.S. tax law, majority of the Group’s federal tax losses arose in tax years beginning after December 31, 2017 and can be carried forward indefinitely; and California state tax losses can be carried forward for up to 20 years.

Valuation allowance is provided against deferred tax assets based on a more-likely-than-not threshold. In making such determination, the Group evaluates a variety of factors including future reversals of existing taxable temporary differences and future profitability. Deferred tax assets that arose from deductible advertising expenses were provided for full valuation allowance because there was no positive evidence to conclude that the benefit of such deferred tax assets would be more-likely-than-not to be realized in the foreseeable future based on the historical level of advertising expenditures. As of December 31, 2023, deferred tax assets arising from net operating loss carry-forwards were also provided for full valuation allowance because the consolidated entities that have net operating loss carry-forwards were expected to continue to be loss-making in the foreseeable future.

12.INCOME TAX (CONTINUED)

Movements of valuation allowance are as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Balance at beginning of the year	250,032	334,848	354,306
Change of valuation allowance	84,816	19,458	(29,279)
Balance at end of the year	334,848	354,306	325,027

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAX - Narrative (Details) - CNY (¥) ¥ in Millions	3 Months Ended	12 Months Ended			21 Months Ended
INCOME TAX - Narrative (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Income Tax
Statutory income tax rate		25.00%	25.00%	25.00%
Accumulated tax losses		¥ 401.6
UNITED STATES \| California corporate franchise tax
Income Tax
Tax losses carryforward expiration period		20 years
China
Income Tax
Statutory income tax rate		25.00%
Percentage of purchase of equipment and appliances as tax deductible items	200.00%
Percentage of tax deduction on qualified research and development expenses	200.00%	200.00%			175.00%
Tax losses carryforward expiration period		5 years
China \| High and New Technology Enterprise
Income Tax
Preferential income tax rate		15.00%
China \| Beijing Huapin Borui Network Technology Co., Ltd.
Income Tax
Preferential income tax rate		15.00%
China \| Qualified high and new technology enterprise
Income Tax
Tax losses carryforward expiration period		10 years
Hong Kong
Income Tax
Statutory income tax rate		16.50%

SHARE-BASED COMPENSATION - Schedule Of Assumptions In The Binomial Option-Pricing Model Used To Determine The Fair Value Of Stock Options (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares
SHARE-BASED COMPENSATION
Expected term (in years)	10 years
Expected dividend yield	0.00%
Maximum
SHARE-BASED COMPENSATION
Fair value of ordinary shares on the grant date of share options (US$)	$ 18.09
Risk-free interest rate	2.00%
Expected volatility	59.80%
Expected early exercise multiple	2.8x
Minimum
SHARE-BASED COMPENSATION
Fair value of ordinary shares on the grant date of share options (US$)	$ 6.78
Risk-free interest rate	1.60%
Expected volatility	58.80%
Expected early exercise multiple	2.2x

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenues
Total revenues	¥ 5,952,028	$ 838,326	¥ 4,511,062	¥ 4,259,128
Operating cost and expenses
Cost of revenues	(1,059,861)	(149,278)	(754,861)	(554,648)
Sales and marketing expenses	(1,991,226)	(280,458)	(2,000,900)	(1,942,670)
Research and development expenses	(1,543,568)	(217,407)	(1,182,716)	(821,984)
General and administrative expenses	(811,787)	(114,338)	(719,699)	(1,991,123)
Total operating cost and expenses	(5,406,442)	(761,481)	(4,658,176)	(5,310,425)
Other operating income, net	35,385	4,984	17,595	14,977
(Loss)/Income from operations	580,971	81,829	(129,519)	(1,036,320)
Interest and investment income, net	606,757	85,460	226,482	34,479
Foreign exchange (loss)/gain	1,088	153	8,627	(1,961)
Other (expenses)/income, net	32,973	4,644	11,406	(7,745)
(Loss)/Income before income tax expenses	1,221,789	172,086	116,996	(1,011,547)
Income tax expenses	(122,571)	(17,264)	(9,751)	(59,527)
Net (loss)/income	1,099,218	154,822	107,245	(1,071,074)
Accretion on convertible redeemable preferred shares to redemption value \| ¥				(164,065)
Net loss attributable to non-controlling interests	9	1
Net (loss)/income attributable to ordinary shareholders of KANZHUN LIMITED	¥ 1,099,227	$ 154,823	¥ 107,245	¥ (1,235,139)
Weighted average number of ordinary shares used in computing net (loss)/income per share
- Basic	870,304,878	870,304,878	868,941,151	529,343,027
- Diluted	902,735,995	902,735,995	912,141,991	529,343,027
Net (loss)/income per share attributable to ordinary shareholders
- Basic \| (per share)	¥ 1.26	$ 0.18	¥ 0.12	¥ (2.33)
- Diluted \| (per share)	¥ 1.22	$ 0.17	¥ 0.12	¥ (2.33)
Other comprehensive (loss)/income, net of tax
Foreign currency translation adjustments	¥ 186,976	$ 26,335	¥ 952,949	¥ (127,378)
Unrealized gains on available-for-sale investments	16,650	2,345
Total other comprehensive (loss)/income	203,626	28,680	952,949	(127,378)
Total comprehensive (loss)/income	1,302,844	183,502	1,060,194	(1,198,452)
Comprehensive loss attributable to non-controlling interests	9	1
Comprehensive (loss)/income attributable to ordinary shareholders of KANZHUN LIMITED	1,302,853	183,503	1,060,194	(1,362,517)
Online recruitment services to enterprise customers
Revenues
Total revenues	5,889,101	829,463	4,461,282	4,219,026
Others
Revenues
Total revenues	¥ 62,927	$ 8,863	¥ 49,780	¥ 40,102

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2023

CONVERTIBLE REDEEMABLE PREFERRED SHARES

Schedule of convertible redeemable preferred share

The Company’s convertible redeemable preferred shares activities for the year ended December 31, 2021 are summarized below:


	Series A		Series B		Series C		Series D		Series E		Series F
	Preferred Shares		Preferred Shares		Preferred Shares		Preferred Shares		Preferred Shares		Preferred Shares		Total
	Number		Number		Number		Number		Number		Number		Number
	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount
		RMB		RMB		RMB		RMB		RMB		RMB		RMB
	(in thousands, except for share data)
Balance as of January 1, 2021	60,000,000	36,177	40,000,000	67,976	147,068,133	478,565	60,856,049	380,782	144,073,367	1,845,033	99,354,585	2,882,063	551,352,134	5,690,596
Accretion on convertible redeemable preferred shares to redemption value	—	1,057	—	2,006	—	13,580	—	10,823	—	51,072	—	85,527	—	164,065
Conversion of Preferred Shares to ordinary shares	(60,000,000)	(37,234)	(40,000,000)	(69,982)	(147,068,133)	(492,145)	(60,856,049)	(391,605)	(144,073,367)	(1,896,105)	(99,354,585)	(2,967,590)	(551,352,134)	(5,854,661)
Balance as of December 31, 2021	—	—	—	—	—	—	—	—	—	—	—	—	—	—

INVESTMENTS - (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
INVESTMENTS
Short-term investments	¥ 3,513,885	$ 494,920	¥ 2,665,047
Long-term investments	2,473,128	$ 348,333
Wealth management products
INVESTMENTS
Short-term investments	2,783,212		¥ 2,665,047
Long-term investments	354,135
Fixed rate notes
INVESTMENTS
Short-term investments	729,348
Long-term investments	1,969,405
Listed equity securities
INVESTMENTS
Short-term investments	1,325
Unlisted equity securities
INVESTMENTS
Long-term investments	¥ 149,588

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

OTHER PAYABLES AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2023

OTHER PAYABLES AND ACCRUED LIABILITIES

OTHER PAYABLES AND ACCRUED LIABILITIES

9.OTHER PAYABLES AND ACCRUED LIABILITIES


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Salary, welfare and bonus payable	366,454	457,974
Tax payable	152,598	116,657
Consideration payable for share repurchase	—	113,387
Advance from customers*	58,630	73,196
Others	55,800	17,832
Total	633,482	779,046

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

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

OTHER PAYABLES AND ACCRUED LIABILITIES

Schedule of other payables and accrued liabilities


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Salary, welfare and bonus payable	366,454	457,974
Tax payable	152,598	116,657
Consideration payable for share repurchase	—	113,387
Advance from customers*	58,630	73,196
Others	55,800	17,832
Total	633,482	779,046

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

PRINCIPAL ACTIVITIES AND ORGANIZATION

12 Months Ended

Dec. 31, 2023

PRINCIPAL ACTIVITIES AND ORGANIZATION

PRINCIPAL ACTIVITIES AND ORGANIZATION

1.PRINCIPAL ACTIVITIES AND ORGANIZATION

(a)Principal activities

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”).

(b)Organization of the Group

As of December 31, 2023, the Company’s principal subsidiaries and consolidated VIE are as follows:


Company name	Place of incorporation	Date of incorporation	Registered capital	Equity interest/economic interest held	Principal activities and place of operation
Principal subsidiaries
Techfish Limited	Hong Kong, China	February 14, 2014	HK$10,000	100%	Investment holding in Hong Kong
Beijing Glory Wolf Co., Ltd. (the “WFOE”)	Beijing, China	May 7, 2014	US$130,000,000	100%	Management consultancy and technical services in the PRC
VIE
Beijing Huapin Borui Network Technology Co., Ltd. (“Huapin”)	Beijing, China	December 25, 2013	RMB10,000,000	100%	Online recruitment services in the PRC

(c)Consolidated variable interest entity

In order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted businesses, the Group operates its restricted businesses in the PRC mainly through the VIE, Huapin and its subsidiaries, whose equity interests are held by certain management members of the Group (the “Registered Shareholders”). By entering into a series of contractual arrangements with Huapin and its respective Registered Shareholders, which were updated in September 2022, the Company has the power to direct activities of Huapin that most significantly affect its economic performance and receive substantially all of the economic benefits from Huapin. Accordingly, the Company obtained a controlling financial interest in the VIE. The Company was determined to be the ultimate primary beneficiary of the VIE, and therefore consolidated the VIE’s results of operations, assets and liabilities in the Group’s consolidated financial statements for the years presented under the accounting principles generally accepted in the United States of America (“U.S. GAAP”). In January 2024, the original contractual arrangements were replaced by new contractual arrangements entered into among Huapin, its Registered Shareholders and another subsidiary of the Group, Beijing Highland Wolf Technology Co., Ltd., through which the Company still has a controlling financial interest in the VIE. Accordingly, there was no impact on the Group's consolidated financial information.

The principal terms of the contractual agreements entered into by and among the Company, through the WFOE, the VIE and the Registered Shareholders are further described below.

1.PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(c)Consolidated variable interest entity (continued)

Exclusive Technology and Service Co-operation Agreement

Pursuant to the Exclusive Technology and Service Co-operation Agreement, the VIE has agreed to engage the WFOE as the exclusive provider of management consultancy, technical and other services as agreed. The VIE shall pay service fee to the WFOE, which shall be equivalent to total consolidated profit of the VIE and its subsidiaries, after offsetting the prior-year accumulated loss (if any), operating cost and expenses, taxes and other statutory contributions. Notwithstanding the foregoing, the WFOE shall have the right to adjust the level of the service fee by taking into account such factors as (a) the complexity and difficulty of the services, (b) the time taken for the services, (c) the scope and commercial value of the management consultancy, technical and other services, (d) the scope and commercial value of intellectual property licensing and leasing services, and (e) the market reference price for services of similar kinds.

The Exclusive Technology and Service Co-operation Agreement shall remain effective until, among others, the date on which the WFOE or its designated party is formally registered as the shareholder of the VIE, in the case where the WFOE is permitted by the PRC laws to directly hold the VIE’s equity interests and the WFOE and its subsidiaries and branches are allowed to engage in the business being currently operated by the VIE.

Exclusive Purchase Option Agreement

Pursuant to the Exclusive Purchase Option Agreement, the Registered Shareholders of the VIE have granted the WFOE or its offshore parent company or its directly or indirectly owned subsidiaries, an exclusive and irrevocable right to purchase all or any part of the respective equity interests in the VIE from the Registered Shareholders. Among others, the VIE and the Registered Shareholders irrevocably covenanted that unless with prior written consent by the WFOE, the VIE shall not sell, transfer, pledge, or otherwise dispose all or any part of its assets (other than the assets necessary for its ordinary course of business) , and the Registered Shareholders shall not sell, transfer, pledge, or otherwise dispose all or any part of their equity interests in the VIE, other than the pledge of the VIE’s equity interests pursuant to these contractual arrangements. The purchase price payable by the WFOE or its designee in respect of the transfer of the entire equity interests and/or total assets of the VIE shall be the nominal price, or the minimum price required by relevant PRC authorities or PRC laws. However, in any event, subject to the provisions and requirements of PRC laws, the price paid by the WFOE and/or its designee to the VIE and/or Registered Shareholders at any such price shall be returned by the VIE and/or Registered Shareholders at the time and in the form requested by the WFOE.

The Exclusive Purchase Option Agreement shall remain effective for ten years with the WFOE having the option to renew it until all the equity interests in and/or all assets of the VIE have been transferred to the WFOE and/or its designee (registration has been completed for the change of members), and the WFOE and its subsidiaries and branches can legally engage in the business of the VIE.

Equity Pledge Agreement

Pursuant to the Equity Pledge Agreement, the Registered Shareholders of the VIE have pledged all of equity interests in the VIE to the WFOE to guarantee performance of their obligations under the contractual arrangements and all liabilities, monetary debts or other payment obligations arising out of or in relation with the contractual arrangements. In the event of a breach by the VIE or any of its Registered Shareholders of contractual obligations under the Equity Pledge Agreement, the WFOE will have the right to (1) demand all the outstanding payments according to the Exclusive Technology and Service Co-operation Agreement, and/or (2) exercise its right of pledge according to the Equity Pledge Agreement, or otherwise dispose of the pledged equity interests in accordance with applicable laws, unless the event of default has been resolved in the satisfactory of the WFOE in time.

The Equity Pledge Agreement shall remain valid until, among others, the VIE and the Registered Shareholders have recorded the release of such pledged equity interests in the register of members of the VIE and completed relevant deregistration procedure.

1.	PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(c)Consolidated variable interest entity (continued)

Spousal Consent Letter

Pursuant to the Spousal Consent Letter, the spouses of the Registered Shareholders unconditionally and irrevocably consented to the execution of the relevant contractual agreements and to the disposal in accordance therewith of the equity interests in the VIE held by the Registered Shareholders (as the case may be). Additionally, each of the spouses agreed not to make any claim with respect to the equity interests in the VIE held by such Registered Shareholder, and to be bound by the relevant contractual agreements if for any reason the spouses acquire any equity interest in VIE held by each Registered Shareholder.

Power of Attorney

Pursuant to the Power of Attorney, each of the Registered Shareholders appointed the WFOE and/or its designee as their sole and exclusive agent to act on their behalf on all matters concerning the VIE and to exercise all of their rights as shareholders of the VIE, including but not limited to (1) to propose, convene and attend shareholders meetings and sign minutes and resolutions, (2) to exercise all shareholder rights that they are entitled to under PRC law and the relevant articles of association, including but not limited to, the right to vote and the right to sell, transfer, pledge or disposal of all or part of their shareholding; and (3) to elect, designate and appoint the legal representative, chairman, directors, supervisors, general manager and other senior executives of the VIE.

(d)Risks in relations to the VIE structure

The Group believes that the above contractual arrangements between or among the WFOE, VIE and the Registered Shareholders are following PRC laws and regulations as applicable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. The PRC Foreign Investment Law effect from January 1, 2020 doesn’t explicitly classify contractual arrangements as a form of foreign investments. There are uncertainties with respect to its implementation and interpretation and the possibility that the VIE will be deemed as a foreign-invested enterprise and subject to relevant restrictions in the future shall not be excluded. If the contractual arrangements establishing the Company’s VIE structure are found to be in violation of any existing or future PRC law and regulations, the relevant PRC government authorities will have broad discretion in dealing with such violation, including without limitation, levying fines, confiscating the Group’s income from the VIE, revoking the Group’s business licenses or operating licenses, requiring the Group to restructure its ownership structure or operations, discontinuing or placing restrictions on the Group’s operations. The imposition of these penalties may result in a severe adverse impact on the Company’s ability to direct the activities of the VIE or receive economic benefits from the VIE, which may result in the deconsolidation of the VIE.

1.PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(d)Risks in relations to the VIE structure (continued)

The following table set forth the financial information of the VIE and VIE’s subsidiaries included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions among the VIE and its subsidiaries:


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents	1,020,243	1,143,968
Time deposits	—	211,442
Short-term investments	1,244,243	2,679,963
Accounts receivable, net	2,253	3,691
Amounts due from Group companies	136,757	200,970
Amounts due from related parties	5,714	3,937
Prepayments and other current assets	528,908	415,686
Total current assets	2,938,118	4,659,657
Non-current assets
Property, equipment and software, net	688,578	1,661,132
Intangible assets, net	368	277
Right-of-use assets, net	281,913	260,056
Long-term investments	—	149,588
Other non-current assets	4,000	4,000
Total non-current assets	974,859	2,075,053
Total assets	3,912,977	6,734,710
LIABILITIES
Current liabilities
Accounts payable	185,211	628,645
Deferred revenue	2,058,569	2,649,582
Other payables and accrued liabilities	576,189	623,381
Amounts due to Group companies	14,876	68,966
Operating lease liabilities, current	146,359	146,102
Total current liabilities	2,981,204	4,116,676
Non-current liabilities
Operating lease liabilities, non-current	141,096	112,115
Deferred tax liabilities	9,427	26,455
Total non-current liabilities	150,523	138,570
Total liabilities	3,131,727	4,255,246

1.PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)

(d)Risks in relations to the VIE structure (continued)


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Total revenues	4,259,128	4,498,131	5,867,883
Cost of revenues	(554,575)	(750,932)	(1,057,018)
Net income	551,133	117,298	697,038


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Net cash provided by operating activities	1,717,104	893,078	2,717,909
Net cash used in investing activities	(591,213)	(702,542)	(2,594,184)
Net cash used in financing activities	(444,239)	(35,144)	—
Net increase in cash and cash equivalents	681,652	155,392	123,725
Cash and cash equivalents at beginning of the year	183,199	864,851	1,020,243
Cash and cash equivalents at end of the year	864,851	1,020,243	1,143,968

Under the contractual arrangements with the VIE, the Company has the power to direct activities of the VIE through the WFOE that most significantly impact the VIE such as having assets transferred out of the VIE at its discretion. Therefore, the Company considers that there is no asset of the VIE that can be used only to settle obligations of the VIE except for registered capital and PRC statutory reserves of the VIE. Since the VIE was incorporated as a limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the WFOE for any liabilities of the VIE.

PRINCIPAL ACTIVITIES AND ORGANIZATION - Summary Of Financial Information Of Consolidated VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Current assets
Cash and cash equivalents	¥ 2,472,959		¥ 9,751,824		$ 348,309
Time deposits	6,922,803		793,042		975,056
Short-term investments	3,513,885		2,665,047		494,920
Accounts receivable, net	16,727		9,862		2,356
Prepayments and other current assets	442,697		600,773		62,353
Total current assets	13,373,037		13,826,262		1,883,553
Non-current assets
Property, equipment and software, net	1,793,488		691,036		252,607
Intangible assets, net	8,093		10,251		1,140
Right-of-use assets, net	282,612		289,628		39,805
Long-term investments	2,473,128				348,333
Other non-current assets	4,000		4,000		563
Total non-current assets	4,567,011		1,000,605		643,249
Total assets	17,940,048		14,826,867		2,526,802
Current liabilities
Accounts payable	629,216		185,297		88,623
Deferred revenue	2,794,075		2,060,892		393,537
Other payables and accrued liabilities	779,046		633,482		109,726
Operating lease liabilities, current	155,014		151,438		21,833
Total current liabilities	4,357,351		3,031,109		613,719
Non-current liabilities
Operating lease liabilities, non-current	125,079		143,591		17,617
Deferred tax liabilities	28,425		11,404		4,004
Total non-current liabilities	153,504		154,995		21,621
Total liabilities	4,510,855		3,186,104		635,340
Total revenues	5,952,028	$ 838,326	4,511,062	¥ 4,259,128
Cost of revenues	(1,059,861)	(149,278)	(754,861)	(554,648)
Net income	1,099,218	154,822	107,245	(1,071,074)
Net cash provided by operating activities	3,047,009	429,162	1,003,042	1,641,381
Net cash used in investing activities	(9,938,645)	(1,399,829)	(2,816,581)	(601,862)
Net cash used in financing activities	(417,022)	(58,736)	(669,232)	6,431,263
Net increase in cash and cash equivalents	(7,278,865)	(1,025,207)	(1,589,934)	7,343,555
Cash and cash equivalents at beginning of the year	9,751,824	1,373,516	11,341,758	3,998,203
Cash and cash equivalents at end of the year	2,472,959	$ 348,309	9,751,824	11,341,758
Related Party
Current assets
Amounts due from related parties	3,966		5,714		$ 559
Consolidated VIE
Current assets
Cash and cash equivalents	1,143,968		1,020,243
Time deposits	211,442
Short-term investments	2,679,963		1,244,243
Accounts receivable, net	3,691		2,253
Amounts due from Group companies	200,970		136,757
Prepayments and other current assets	415,686		528,908
Total current assets	4,659,657		2,938,118
Non-current assets
Property, equipment and software, net	1,661,132		688,578
Intangible assets, net	277		368
Right-of-use assets, net	260,056		281,913
Long-term investments	149,588
Other non-current assets	4,000		4,000
Total non-current assets	2,075,053		974,859
Total assets	6,734,710		3,912,977
Current liabilities
Accounts payable	628,645		185,211
Deferred revenue	2,649,582		2,058,569
Other payables and accrued liabilities	623,381		576,189
Amounts due to Group companies	68,966		14,876
Operating lease liabilities, current	146,102		146,359
Total current liabilities	4,116,676		2,981,204
Non-current liabilities
Operating lease liabilities, non-current	112,115		141,096
Deferred tax liabilities	26,455		9,427
Total non-current liabilities	138,570		150,523
Total liabilities	4,255,246		3,131,727
Total revenues	5,867,883		4,498,131	4,259,128
Cost of revenues	(1,057,018)		(750,932)	(554,575)
Net income	697,038		117,298	551,133
Net cash provided by operating activities	2,717,909		893,078	1,717,104
Net cash used in investing activities	(2,594,184)		(702,542)	(591,213)
Net cash used in financing activities			(35,144)	(444,239)
Net increase in cash and cash equivalents	123,725		155,392	681,652
Cash and cash equivalents at beginning of the year	1,020,243		864,851	183,199
Cash and cash equivalents at end of the year	1,143,968		1,020,243	¥ 864,851
Consolidated VIE \| Related Party
Current assets
Amounts due from related parties	¥ 3,937		¥ 5,714

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

16.SHARE-BASED COMPENSATION

In 2020, the Group adopted the 2020 Share Incentive Plan, which allows the Group to grant share-based awards to directors, employees and consultants. Share-based awards granted under the 2020 Share Incentive Plan contain service conditions, which are mainly subject to one of the following vesting schedules: (i) 25% of the share options shall become vested on each anniversary of the vesting commencement date for 4 years thereafter; (ii) 50% of the share options shall become vested on each anniversary of the vesting commencement date for 2 years thereafter; and (iii) immediately vested upon grant. In addition to service conditions, certain share-based awards granted are subject to performance condition related to the occurrence of an IPO or change of control. The Company did not grant any share-based awards pursuant to the 2020 Share Incentive Plan since the HK Listing in December 2022.

In December 2022, the Group adopted the Post-IPO Share Scheme, which allows the Group to grant share-based awards to directors, employees and officers. The maximum number of Class A ordinary shares that may be issued under the Post-IPO Share Scheme is 86,380,904.

(a)Share options

The following table summarizes activities of share options for the years ended December 31, 2021, 2022 and 2023:


		Weighted	Weighted		Weighted
		average	average	Aggregate	average
	Number of	exercise	remaining	intrinsic	grant-date
	share options	price	contractual life	value	fair value
		US$	In Years	US$	US$
Outstanding as of January 1, 2021	107,133,353	1.16	6.84	226,639	0.64
Granted	32,710,153	4.14
Exercised	(54,385,484)	0.55
Forfeited	(2,982,054)	1.98
Outstanding as of December 31, 2021	82,475,968	2.71	8.05	1,214,916	2.82
Granted*	8,424	0.00
Exercised	(12,413,256)	1.59
Forfeited	(1,709,938)	3.39
Outstanding as of December 31, 2022	68,361,198	2.90	7.23	498,336	2.99
Exercised	(11,810,406)	2.16
Forfeited	(718,812)	4.09
Outstanding as of December 31, 2023	55,831,980	3.04	6.34	294,189	3.15
Vested and expected to vest as of December 31, 2023	55,831,980	3.04	6.34	294,189	3.15
Exercisable as of December 31, 2023	37,075,572	2.54	5.94	213,744	2.24

The weighted average grant-date fair value of share options granted in 2022 was US$12.13.

16.SHARE-BASED COMPENSATION (CONTINUED)

(a)Share options(Continued)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the underlying ordinary share at each reporting date.

As of December 31, 2023, there were US$60.9 million of unrecognized compensation expenses related to share options, which are expected to be recognized over a weighted-average period of 1.30 years and may be adjusted for future forfeitures.

The Company uses the binomial option-pricing model to determine the fair value of the share options as of the grant date. Key assumptions (or ranges thereof) are set as follows:


		For the year ended December 31, 2021
Fair value of ordinary shares on the grant date of share options (US$)		6.78-18.09
Risk-free interest rate⁽¹⁾		1.6%-2.0%
Expected term (in years)		10
Expected dividend yield⁽²⁾		0%
Expected volatility⁽³⁾		58.8%-59.8%
Expected early exercise multiple		2.2x-2.8x

(1)

The risk-free interest rate of periods within the contractual life of the share option was based on the market yield of U.S. Treasury Strips with a maturity life equal to the expected term of share options.

(2)

The Company had no history or expectation of paying dividends on its ordinary shares.

(3)

Expected volatility was estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

(b)

RSUs

The following table summarizes activities of RSUs for the years ended December 31, 2021, 2022 and 2023:


		Weighted average
	Number of RSUs	grant-date fair value
		US$
Outstanding as of January 1, 2021	—	—
Granted	3,521,118
Outstanding as of December 31, 2021	3,521,118	19.05
Granted	19,686,470
Vested	(1,959,584)
Forfeited	(435,058)
Outstanding as of December 31, 2022	20,812,946	11.23
Granted	26,216,836
Vested	(6,109,908)
Forfeited	(1,461,262)
Outstanding as of December 31, 2023	39,458,612	9.58

As of December 31, 2023, there were US$330.3 million of unrecognized compensation expenses related to RSUs, which are expected to be recognized over a weighted-average period of 3.04 years and may be adjusted for future forfeitures.

16.SHARE-BASED COMPENSATION (CONTINUED)

(c)Share-based compensation expenses by function

The following table sets forth the amounts of share-based compensation expenses included in each of the relevant financial statement line items:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Cost of revenues	31,467	39,587	46,395
Sales and marketing expenses	73,733	170,366	262,431
Research and development expenses	137,820	284,323	418,769
General and administrative expenses*	1,680,626	197,928	329,372
Total	1,923,646	692,204	1,056,967

In June 2021, the Company granted 24,745,531 Class B ordinary shares to TECHWOLF LIMITED, and recorded share-based compensation expenses of RMB1,506.4 million in general and administrative expenses upon the grant (Note 13).

PRINCIPAL ACTIVITIES AND ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2023

PRINCIPAL ACTIVITIES AND ORGANIZATION

Schedule of principal subsidiaries and consolidated VIE

As of December 31, 2023, the Company’s principal subsidiaries and consolidated VIE are as follows:


Company name	Place of incorporation	Date of incorporation	Registered capital	Equity interest/economic interest held	Principal activities and place of operation
Principal subsidiaries
Techfish Limited	Hong Kong, China	February 14, 2014	HK$10,000	100%	Investment holding in Hong Kong
Beijing Glory Wolf Co., Ltd. (the “WFOE”)	Beijing, China	May 7, 2014	US$130,000,000	100%	Management consultancy and technical services in the PRC
VIE
Beijing Huapin Borui Network Technology Co., Ltd. (“Huapin”)	Beijing, China	December 25, 2013	RMB10,000,000	100%	Online recruitment services in the PRC

Schedule of variable interest entities


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents	1,020,243	1,143,968
Time deposits	—	211,442
Short-term investments	1,244,243	2,679,963
Accounts receivable, net	2,253	3,691
Amounts due from Group companies	136,757	200,970
Amounts due from related parties	5,714	3,937
Prepayments and other current assets	528,908	415,686
Total current assets	2,938,118	4,659,657
Non-current assets
Property, equipment and software, net	688,578	1,661,132
Intangible assets, net	368	277
Right-of-use assets, net	281,913	260,056
Long-term investments	—	149,588
Other non-current assets	4,000	4,000
Total non-current assets	974,859	2,075,053
Total assets	3,912,977	6,734,710
LIABILITIES
Current liabilities
Accounts payable	185,211	628,645
Deferred revenue	2,058,569	2,649,582
Other payables and accrued liabilities	576,189	623,381
Amounts due to Group companies	14,876	68,966
Operating lease liabilities, current	146,359	146,102
Total current liabilities	2,981,204	4,116,676
Non-current liabilities
Operating lease liabilities, non-current	141,096	112,115
Deferred tax liabilities	9,427	26,455
Total non-current liabilities	150,523	138,570
Total liabilities	3,131,727	4,255,246


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Total revenues	4,259,128	4,498,131	5,867,883
Cost of revenues	(554,575)	(750,932)	(1,057,018)
Net income	551,133	117,298	697,038


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Net cash provided by operating activities	1,717,104	893,078	2,717,909
Net cash used in investing activities	(591,213)	(702,542)	(2,594,184)
Net cash used in financing activities	(444,239)	(35,144)	—
Net increase in cash and cash equivalents	681,652	155,392	123,725
Cash and cash equivalents at beginning of the year	183,199	864,851	1,020,243
Cash and cash equivalents at end of the year	864,851	1,020,243	1,143,968

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

INCOME TAX - Deferred Tax Assets And Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Components of Deferred Tax Assets
Deductible advertising expenses	¥ 225,344		¥ 272,810
Net operating loss carry-forwards	99,606		94,704
Others	77		58
Total deferred tax assets	325,027		367,572
Less: valuation allowance	(325,027)		(354,306)	¥ (334,848)	¥ (250,032)
Total deferred tax assets, net of valuation allowance			13,266
Components of Deferred Tax Liabilities
Accelerated tax depreciation	(19,122)		(22,693)
Unrealized gains from investments	(7,740)
Identifiable intangible assets arising from business acquisition	(1,563)		(1,977)
Total deferred tax liabilities	(28,425)		(24,670)
Deferred tax liabilities, net of deferred tax assets	¥ (28,425)	$ (4,004)	¥ (11,404)

RELATED PARTY BALANCES AND TRANSACTIONS - Major Transactions With Related Parties (Details) - Related Party [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amounts of transaction	¥ 28,633	¥ 30,789	¥ 23,583
Cloud services from Tencent Group \| Tencent Group [Member]
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amounts of transaction	22,375	26,256	18,119
Online payment clearing services from Tencent Group \| Tencent Group [Member]
RELATED PARTY BALANCES AND TRANSACTIONS
Related party amounts of transaction	¥ 6,258	¥ 4,533	¥ 5,464

DIVIDEND

12 Months Ended

Dec. 31, 2023

DIVIDEND

DIVIDEND

14.DIVIDEND

On November 14, 2023, the board of directors of the Company approved a special cash dividend of US$0.09 per ordinary share or US$0.18 per ADS. The aggregate amount of the special dividend was approximately US$79.2 million, which was fully paid in December 2023. Dividends are recognized when declared.

No dividends had been declared by the Company for the years ended December 31, 2021 and 2022.

CONCENTRATION AND RISKS

12 Months Ended

Dec. 31, 2023

CONCENTRATION AND RISKS

CONCENTRATION AND RISKS

3.CONCENTRATION AND RISKS

(a)Concentration of credit risk

Financial assets that potentially expose the Group to the concentration of credit risk primarily consist of cash and cash equivalents, time deposits and investments in financial instruments placed in financial institutions. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. In the event of the bankruptcy of these financial institutions, the Group may not be able to claim those assets back in full. The Group believes these financial institutions are of high credit rating and quality. The Group regularly monitors the rating and financial strength of these financial institutions to avoid potential defaults.

(b)Foreign currency exchange rate risk

The Renminbi has fluctuated against the U.S.dollar, at times significantly and unpredictably. The appreciation of the RMB against the US$ was approximately 2.3% in 2021. The depreciation of the RMB against the US$ was approximately 8.2% and 2.9% in 2022 and 2023, respectively. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule Of Amounts Due From Related Parties (Details) - Related Party [Member] ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	¥ 3,966	$ 559	¥ 5,714
Receivables from the online payment platform of Tencent Group \| Tencent Group [Member]
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	2,569		3,177
Prepaid cloud service fee to Tencent Group \| Tencent Group [Member]
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	¥ 1,397		¥ 2,537

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, ¥ in Millions	Nov. 10, 2022 USD ($)	Dec. 31, 2023 CNY (¥)
Litigation Settlement
Loss related to Litigation Settlement \| $	$ (2,250)
Capital Commitment
COMMITMENTS AND CONTINGENCIES
Commitments contracted but not yet reflected		¥ 225.6
Advertising Expenditures
COMMITMENTS AND CONTINGENCIES
Commitments contracted but not yet reflected		¥ 55.6

REVENUES

12 Months Ended

Dec. 31, 2023

REVENUES

REVENUES

10.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 are as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Online recruitment services to enterprise customers	4,219,026	4,461,282	5,889,101
—Key accounts	928,360	1,033,561	1,261,718
—Mid-sized accounts	1,513,506	1,774,855	2,130,881
—Small-sized accounts	1,777,160	1,652,866	2,496,502
Others	40,102	49,780	62,927
Total	4,259,128	4,511,062	5,952,028

For revenues from online recruitment services to enterprise customers, RMB3,043.7 million, RMB3,331.0 million and RMB4,340.4 million were recognized over time for the years ended December 31, 2021, 2022 and 2023, respectively; RMB1,175.3 million, RMB1,130.2 million and RMB1,548.7 million were recognized at a point in time for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

NET INCOME/ (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

NET INCOME/ (LOSS) PER SHARE

NET INCOME/ (LOSS) PER SHARE

17.NET INCOME/ (LOSS) PER SHARE

The computation of basic and diluted net (loss)/income per share for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands, except for share and per share data)
Numerator
Net (loss)/income attributable to ordinary shareholders of KANZHUN LIMITED	(1,235,139)	107,245	1,099,227
Denominator
Weighted average number of ordinary shares used in computing basic net (loss)/income per share	529,343,027	868,941,151	870,304,878
Dilutive effect of share-based awards	—	43,200,840	32,431,117
Weighted average number of ordinary shares used in computing diluted net (loss)/income per share	529,343,027	912,141,991	902,735,995
Net (loss)/income per share attributable to ordinary shareholders
—Basic	(2.33)	0.12	1.26
—Diluted	(2.33)	0.12	1.22

As the Group incurred loss for the year ended December 31, 2021, the ordinary shares equivalents, including preferred shares, shares options and RSUs granted, were anti-dilutive and excluded from the computation of diluted net loss per share. The weighted average numbers of preferred shares and share options and RSUs excluded from the computation of diluted net loss per share for the year ended December 31, 2021 were 251,440,808 and 78,376,179, respectively.

PROPERTY, EQUIPMENT AND SOFTWARE, NET - Additional Information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Depreciation expenses	¥ 256.6	¥ 139.5	¥ 80.0

INCOME TAX - Components Of (Loss)/Income Before Income Tax (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Components of (Loss)/Income Before Income Tax
Income from Chinese mainland operations	¥ 809,506		¥ 125,529	¥ 610,813
(Loss)/Income from non-Chinese mainland operations	412,283		(8,533)	(1,622,360)
(Loss)/Income before income tax expenses	¥ 1,221,789	$ 172,086	¥ 116,996	¥ (1,011,547)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
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-Subparagraph (SX 210.7-04(11))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

SHARE-BASED COMPENSATION - Schedule Of Stock-Based Compensation Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 1,056,967	¥ 692,204	¥ 1,923,646
Cost of revenues
SHARE-BASED COMPENSATION
Share-based compensation expenses	46,395	39,587	31,467
Sales and marketing expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	262,431	170,366	73,733
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	418,769	284,323	137,820
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 329,372	¥ 197,928	¥ 1,680,626

PROPERTY, EQUIPMENT AND SOFTWARE, NET

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND SOFTWARE, NET

PROPERTY, EQUIPMENT AND SOFTWARE, NET

6.PROPERTY, EQUIPMENT AND SOFTWARE, NET


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Electronic equipment	849,020	2,149,561
Leasehold improvement	95,554	136,541
Furniture and fixtures	18,514	15,384
Motor vehicles	5,272	15,251
Software	4,055	7,010
Total cost	972,415	2,323,747
Less: accumulated depreciation	(281,379)	(530,259)
Total property, equipment and software, net	691,036	1,793,488

Depreciation expenses were RMB80.0 million, RMB139.5 million and RMB256.6 million for the years ended December 31, 2021, 2022 and 2023, respectively.

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of name of major related parties and their relationships with the group


Name of related parties		Relationship with the Group
Tencent Holdings Limited and its affiliates (“Tencent Group”)		Major shareholder of the Company

Schedule of transactions with related parties


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Cloud services from Tencent Group	18,119	26,256	22,375
Online payment clearing services from Tencent Group	5,464	4,533	6,258
Total	23,583	30,789	28,633

Schedule of amounts due from related parties


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Receivables from the online payment platform of Tencent Group	3,177	2,569
Prepaid cloud service fee to Tencent Group	2,537	1,397
Total	5,714	3,966

BUSINESS ACQUISITION (Details) ¥ in Thousands, $ in Thousands	Oct. 11, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Fair value of the assets acquired and the liabilities assumed
Goodwill		¥ 5,690	$ 801	¥ 5,690
Beijing Qihui
Business Acquisition
Percentage of equity interest acquired	100.00%
Cash consideration	¥ 10,000
Fair value of the assets acquired and the liabilities assumed
Purchase consideration	10,000
Goodwill	5,690
Deferred tax liabilities	(2,080)
Net liabilities assumed	(4,010)
Total	10,000
Beijing Qihui \| Non-compete agreements
Fair value of the assets acquired and the liabilities assumed
Identifiable intangible assets acquired	8,400
Beijing Qihui \| Trademarks
Fair value of the assets acquired and the liabilities assumed
Identifiable intangible assets acquired	1,000
Beijing Qihui \| Database
Fair value of the assets acquired and the liabilities assumed
Identifiable intangible assets acquired	¥ 1,000

INCOME TAX - Components Of Income Tax Expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Components Of Income Tax Expenses
Current income tax expenses	¥ 108,488		¥ 427	¥ 59,527
Deferred income tax expenses	14,083	$ 1,984	9,324
Total	¥ 122,571	$ 17,264	¥ 9,751	¥ 59,527

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

NET INCOME/ (LOSS) PER SHARE - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 shares
Preferred shares
Antidilutive Securities
Antidilutive securities excluded from computation of earnings per share amount	251,440,808
Share options and RSUs
Antidilutive Securities
Antidilutive securities excluded from computation of earnings per share amount	78,376,179

REVENUES (Tables)

12 Months Ended

Dec. 31, 2023

REVENUES

Schedule of revenue


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Online recruitment services to enterprise customers	4,219,026	4,461,282	5,889,101
—Key accounts	928,360	1,033,561	1,261,718
—Mid-sized accounts	1,513,506	1,774,855	2,130,881
—Small-sized accounts	1,777,160	1,652,866	2,496,502
Others	40,102	49,780	62,927
Total	4,259,128	4,511,062	5,952,028

PRINCIPAL ACTIVITIES AND ORGANIZATION - Summary Of Principal Subsidiaries And Consolidated VIE (Details)	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 HKD ($)
Techfish Limited \| Subsidiaries
PRINCIPAL ACTIVITIES AND ORGANIZATION
Registered capital			$ 10,000
Equity interest/economic interest held	100.00%	100.00%	100.00%
Beijing Glorywolf Co., Ltd. \| Subsidiaries
PRINCIPAL ACTIVITIES AND ORGANIZATION
Registered capital		$ 130,000,000
Equity interest/economic interest held	100.00%	100.00%	100.00%
Beijing Huapin Borui Network Technology Co., Ltd. \| Consolidated VIE
PRINCIPAL ACTIVITIES AND ORGANIZATION
Registered capital \| ¥	¥ 10,000,000
Equity interest/economic interest held	100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a)Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP.

Principles of consolidation

(b)Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries for which the Company is the ultimate primary beneficiary.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies under a statute or agreement among the shareholders or equity holders.

The Company applies the guidance codified in ASC 810, Consolidations on accounting for the VIE, which requires certain variable interest entities to be consolidated by the primary beneficiary of the entity in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns; or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor with disproportionately fewer voting rights.

All transactions and balances between the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries have been eliminated upon consolidation.

Use of estimates

(c)Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates and revenues and expenses during the reporting periods. Accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to, useful lives of property, equipment and software and intangible assets, impairment assessments of long-lived assets and goodwill, fair value of assets acquired and liabilities assumed in a business combination and available-for-sale debt security investments, valuation allowance for deferred tax assets, the provision for credit losses of financial assets and valuation of share-based compensation. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable under current circumstances. Actual results could differ from those estimates.

Functional currency and foreign currency translation

(d)Functional currency and foreign currency translation

The Group’s reporting currency is Renminbi (“RMB”). The Company’s functional currency is the United States dollars (“US$”). The respective functional currency of the Company’s subsidiaries, consolidated VIE and VIE’s subsidiaries is determined based on the criteria of ASC 830, Foreign Currency Matters.

Transactions denominated in currencies other than the functional currency are translated into the functional currency of the entity at the exchange rates quoted by authoritative banks prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheet dates. Exchange gain or loss resulting from those foreign currency transactions denominated in foreign currencies is recorded in foreign exchange gain/(loss) in the consolidated financial statements.

The financial statements of the Company and subsidiaries located outside the Chinese mainland are translated from their functional currency into RMB. Their assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated financial statements.

Convenience translation

(e)Convenience translation

Translations of the consolidated balance sheets, the consolidated statements of comprehensive income/(loss) and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers, and were calculated at the rate of RMB7.0999 per US$1.00 on December 29, 2023 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate or at any other rate.

Fair value measurement

(f)Fair value measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

●

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 – Include other inputs that are directly or indirectly observable in the marketplace.

●

Level 3 – Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount and the measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Business combination

(g)Business combination

Business combinations are recorded using the purchase method of accounting in accordance with ASC 805, Business Combinations. The consideration transferred in an acquisition is measured as the aggregate of the fair value of the assets transferred, liabilities incurred and equity instruments issued as of the acquisition date. Transaction cost directly attributable to the acquisition is expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interest. The excess of total of consideration paid, fair value of any non-controlling interest and the acquisition-date fair value of any previously held equity interest in the subsidiary acquired over the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of the acquisition is less than the fair value of net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income/(loss).

Cash and cash equivalents

(h)Cash and cash equivalents

Cash and cash equivalents include cash on hand, time deposits and highly liquid investments that are readily convertible to known amounts of cash, which have original maturities of three months or less.

Time deposits

(i)Time deposits

Time deposits are fixed deposits in financial institutions with original maturities greater than three months but less than twelve months, which are measured at amortized cost.

Investments

(j)Investments

The Group’s investments mainly include wealth management products, which are principal-not-guaranteed or with variable interest rates. These investments are measured at fair value with fair value changes recorded in earnings.

The Group also holds debt securities and equity securities. Investments in debt securities are accounted for in accordance with ASC 320, Investments-Debt Securities, and are classified as trading, held-to-maturity or available-for-sale investments. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading investments and measured at fair value with changes in fair value recorded in earnings. Debt securities that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity investments and measured at amortized cost. Debt securities not classified as trading or as held-to-maturity securities are classified as available-for-sale investments, which are measured at fair value and subject to impairment testing. Their unrealized gains or losses are recognized in other comprehensive income/(loss) and realized gains or losses are recorded in earnings when realized. Equity securities with readily determinable fair value and over which the Group has neither significant influence nor control are measured at fair value with changes in fair value recorded in earnings.

Investments with original maturities less than twelve months or expected to be realized in cash during the next twelve months are classified as short-term investments, and others are classified as long-term investments.

Receivables

(k)Receivables

The Group adopted ASC 326, Credit Losses in 2022, using a modified retrospective approach with a cumulative-effect adjustment recorded as an increase in the opening balance of accumulated deficit on January 1, 2022. The Group’s accounts receivable and other receivables recorded in prepayments and other current assets are within the scope of ASC 326. To estimate expected credit losses, the Group has identified the relevant risk characteristics of these items, including size, type of the services provided, historical credit loss experience and industry-specific factors, etc. No material allowance was recognized as of December 31, 2022 and 2023.

Property, equipment and software

(l)Property, equipment and software

Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Property, equipment and software are depreciated over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows:


Category		Estimated useful lives
Electronic equipment		3-5 years
Leasehold improvement		Shorter of lease term or estimated useful life of the assets
Furniture and fixtures		5 years
Motor vehicles		3-5 years
Software		5 years

The majority of electronic equipment are servers. The Group recognized the gain or loss on the disposal of property, equipment and software in other operating income/(expenses) in the consolidated statements of comprehensive income/(loss).

Intangible Assets

(m)Intangible Assets

Intangible assets purchased are initially recognized at cost, and intangible assets acquired in a business combination are initially recorded at fair value as of the acquisition date. Intangible assets with finite useful lives are amortized on a straight-line basis over the estimated useful lives, which are determined based on the period of contractual rights or estimated period during which such assets can bring economic benefits to the Group. The estimated useful lives are as follows:


Category		Estimated useful lives
Domains		10 years
Non-compete agreements		6 years
Trademarks		3 years
Database		3 years

Impairment of long-lived assets other than goodwill

(n)Impairment of long-lived assets other than goodwill

Long-lived assets, such as fixed assets and intangible assets with finite useful lives, are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable. The Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to the undiscounted future cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, the Group recognizes an impairment loss based on the excess of the carrying value of the asset over the fair value of the asset. No impairment of long-lived assets was recognized for the years ended December 31, 2021, 2022 and 2023.

Goodwill

(o)Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired or assumed in a business combination. Goodwill is tested for impairment at least annually and more frequently when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, the Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory; otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference between the carrying amount of the reporting unit and its fair value will be recorded. For the years ended December 31, 2022 and 2023, no impairment indicator was noted and no impairment of goodwill was recorded.

Revenue recognition

(p)Revenue recognition

The Group accounted for revenue under ASC 606, Revenue from Contracts with Customers. The Group applies the five steps defined under ASC 606: (i) identify the contract(s) with a customer; (ii) identify performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) a performance obligation is satisfied.

Deferred revenue

The Group records deferred revenue when the Group receives customers’ payments in advance of transferring control of services to customers. Substantially all deferred revenue recorded are expected to be recognized as revenues in the next twelve months.

Remaining performance obligations

Remaining performance obligations represent the amount of contracted future revenues not yet recognized as the amount relate to undelivered performance obligations. Substantially all of the Group’s contracts with customers are within one year in duration. As such, the Group has elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

Cost of revenues

(q)Cost of revenues

Cost of revenues primarily consist of payment processing cost, payroll and other employee-related expenses, server and bandwidth service cost, server depreciation and other expenses, which are directly attributable to the performance of the Group’s online recruitment services.

Sales and marketing expenses

(r)Sales and marketing expenses

Sales and marketing expenses primarily consist of advertising expenses, payroll and other employee-related expenses for the Group’s sales and marketing staff, as well as other expenses such as office rental and property management fees for sales functions. Advertising expenses primarily include online traffic acquisition and brand marketing cost. For the years ended December 31, 2021, 2022 and 2023, advertising expenses totaled RMB997.7 million, RMB793.2 million and RMB582.1 million, respectively.

Research and development expenses

(s)Research and development expenses

Research and development expenses primarily consist of payroll and other employee-related expenses for the Group’s research and development staff and other expenses such as office rental and property management fees for research and development functions. All research and development costs are expensed as incurred.

General and administrative expenses

(t)General and administrative expenses

General and administrative expenses primarily consist of payroll and other employee-related expenses for the Group’s managerial and administrative staff and other expenses such as office rental and property management fees.

Employee benefits

(u)Employee benefits

Full-time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries, consolidated VIE and VIE’s subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses contributed by the Group, including accrued and unpaid amounts, were RMB256.5 million, RMB395.2 million and RMB449.8 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Share-based compensation

(v)Share-based compensation

The Group grants share options and restricted share units (“RSUs”) to its management, eligible employees and non-employees. Such compensation is accounted for in accordance with ASC 718, Compensation-Stock Compensation. The Group adopted ASU 2018-07, Improvements to Non-employee Share-Based Payment Accounting, for the years presented. Under ASU 2018-07, the accounting for non-employees’ share-based awards are similar to the model for employee awards. And forfeitures are accounted for when they occur.

Share-based awards with service conditions only are measured at the grant-date fair value of the awards and recognized as expenses using the straight-line method over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an IPO or change of control as a performance condition, are measured at the grant-date fair value, and cumulative share-based compensation expenses for the awards that have satisfied the service condition were recorded upon the completion of the Company’s US IPO in June 2021.

The fair value of share options is estimated using the binomial option-pricing model. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined by management with the assistance from an independent valuation firm using management’s estimates and assumptions. The fair value of the RSUs, which were granted subsequent to the completion of the Company’s US IPO, is estimated based on the fair value of the underlying ordinary shares of the Company on the grant date.

Operating leases

(w)Operating leases

The Group accounts for operating leases in accordance with ASC 842, Leases. Based on the present value of lease payments over the lease term, right-of-use assets and operating lease liabilities are recognized for operating leases at lease commencement dates. As most of the Group’s leases don’t provide an implicit rate, the Group uses the incremental borrowing rate based on the information available at lease commencement dates in determining the present value of lease payments. Lease expenses are recognized on a straight-line basis over the lease terms. And the Group has elected the practical expedient to account for lease and non-lease components as a single lease component.

For operating lease with a term of one year or less, the Group has elected to not recognize any right-of-use asset or lease liability on its consolidated balance sheets. Instead, it recognizes the lease payments as operating cost and expenses in the consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term. Short-term lease expenses are immaterial to the consolidated statements of comprehensive income/(loss).

Income tax

(x)Income tax

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for deferred income taxes under the liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income/(loss) in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of deferred tax assets will not be realized.

The Group recognizes the benefit of a tax position if the tax position is more-likely-than-not to prevail based on the facts and technical merits of the position. Tax positions that meet the more-likely-than-not recognition threshold is then measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates and any adjustments are recorded in the Group’s consolidated financial statements in the period in which the audit is concluded. Additionally, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions and such changes are recognized in the period in which the changes occur. As of December 31, 2023, the Group did not have any significant unrecognized uncertain tax positions.

Comprehensive income/(loss)

(y)Comprehensive income/(loss)

Comprehensive income/(loss) is defined as the change in equity during a period from transactions and other events and circumstances excluding those resulting from investments by shareholders and distributions to shareholders. The Group recognizes foreign currency translation adjustments and changes in unrealized gains/(losses) on available-for-sale debt securities as other comprehensive income/(loss) in the consolidated financial statements. The income tax effects related to the other comprehensive income were immaterial for the years presented.

Segment reporting

(z)Segment reporting

In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker has been identified as the Chief Executive Officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole. Therefore, the Group has only one reportable segment. As the Group’s long-lived assets are substantially located in the PRC and substantially all of the Group’s revenues are derived from entities within the PRC, no geographical segments are presented.

Net income/(loss) per share

(aa)Net income/(loss) per share

Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potential ordinary shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, for periods prior to the completion of the Company’ US IPO in June 2021, unvested RSUs and shares issuable upon the exercise of share options using the treasury stock method.

The two-class method is used for computing net income/(loss) per share. Under the two-class method, net income/(loss) is allocated between ordinary shares and other participating securities based on their participating rights, if applicable. Since the different classes of ordinary shares have identical rights except for voting and conversion rights and they share equally in dividends and residual net assets on a per share basis, the different classes of ordinary shares are presented as one class for the calculation of net income/(loss) per share.

Recently adopted accounting pronouncements

(bb)Recent accounting pronouncements

Recently adopted accounting pronouncements

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination at the acquisition date in accordance with ASC 606 as if it had originated the contracts. The Group adopted this ASU on January 1, 2023. The adoption of this ASU has no material impact on the consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. This standard is required to be applied retrospectively to all prior periods presented in the financial statements. And it’s effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Group currently does not expect the adoption of this standard will have a material impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires disclosure of disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. This standard is required to be applied prospectively and retrospective application is permitted. It’s effective for the Group for fiscal years beginning after December 15, 2024, with early adoption permitted. The Group currently does not expect the adoption of this standard will have a material impact on the consolidated financial statements.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY BALANCES AND TRANSACTIONS

18.RELATED PARTY BALANCES AND TRANSACTIONS

The table below sets forth major related parties with which the Group had transactions during the years presented and their relationships with the Group:


Name of related parties		Relationship with the Group
Tencent Holdings Limited and its affiliates (“Tencent Group”)		Major shareholder of the Company

Details of major transactions with related parties for the years presented are as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Cloud services from Tencent Group	18,119	26,256	22,375
Online payment clearing services from Tencent Group	5,464	4,533	6,258
Total	23,583	30,789	28,633

Details of major amounts due from related parties for the years presented are as follows:


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Receivables from the online payment platform of Tencent Group	3,177	2,569
Prepaid cloud service fee to Tencent Group	2,537	1,397
Total	5,714	3,966

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

CONVERTIBLE REDEEMABLE PREFERRED SHARES

12 Months Ended

Dec. 31, 2023

CONVERTIBLE REDEEMABLE PREFERRED SHARES

CONVERTIBLE REDEEMABLE PREFERRED SHARES

15.CONVERTIBLE REDEEMABLE PREFERRED SHARES

On May 20, 2014, the Company entered into a shares purchase agreement with certain investors, pursuant to which 60,000,000 Series A convertible redeemable preferred shares (the “Series A Preferred Shares”) were issued on May 20, 2014 for an aggregated consideration of US$3.0 million.

On December 16, 2014, the Company entered into a shares purchase agreement with certain investors, pursuant to which 26,666,667 Series B convertible redeemable preferred shares (the “Series B Preferred Shares”) were issued on December 16, 2014 for an aggregated consideration of US$4.0 million. Besides, the Company also issued 13,333,333 Series B Preferred Shares to TECHWOLF LIMITED, controlled by Mr. Peng Zhao, the Company’s Founder, Chairman and CEO, with no consideration received. Then the Company repurchased all of the Series B Preferred Shares issued to TECHWOLF LIMITED at par value and sold them to one of previous Series B investor on April 8, 2015 at the original issue price of the Series B Preferred Shares.

On April 8, 2015, the Company entered into a shares purchase agreement with certain investors, pursuant to which 48,000,000 Series C convertible redeemable preferred shares (the “Series C Preferred Shares”) were issued on April 8, 2015 for an aggregated consideration of US$10.0 million.

On July 7, 2016, the Company entered into a shares purchase agreement with certain investors, pursuant to which 45,319,316 Series C-1 convertible redeemable preferred shares (the “Series C Preferred Shares”, “Series C-1 Preferred Shares” or “Series C Preferred Shares Tranche I”) were issued on July 7, 2016 for an aggregated consideration of US$12.5 million.

On August 15, 2016, the Company entered into a shares purchase agreement with certain investors, pursuant to which 42,251,744 Series C-2 convertible redeemable preferred shares (the “Series C Preferred Shares”, “Series C-2 Preferred Shares” or “Series C Preferred Shares Tranche II”) were issued on August 15, 2016 for an aggregated consideration of US$18.0 million.

On February 10, 2017, the Company entered into a shares purchase agreement with certain investors, pursuant to which 11,497,073 Series C-3 convertible redeemable preferred shares (the “Series C Preferred Shares”, “Series C-3 Preferred Shares” or “Series C Preferred Shares Tranche III”) were issued on February 10, 2017 for an aggregated consideration of US$6.0 million.

On November 2, 2017, the Company entered into a shares purchase agreement with certain investors, pursuant to which 60,856,049 Series D convertible redeemable preferred shares (the “Series D Preferred Shares”) were issued on November 2, 2017 for an aggregated consideration of US$43.4 million.

On December 18, 2018, the Company entered into a shares purchase agreement with certain investors, pursuant to which 83,474,263 Series E convertible redeemable preferred shares (the “Series E Preferred Shares”) were issued on December 18, 2018 for an aggregated consideration of US$130.0 million.

On March 8, 2019, the Company entered into a shares purchase agreement with certain investors, pursuant to which 32,373,031 Series E+ convertible redeemable preferred shares (the “Series E Preferred Shares”, “Series E-1 Preferred Shares” or “Series E Preferred Shares Tranche I”) were issued on March 8, 2019 for an aggregated consideration of US$55.0 million.

On July 4, 2019, the Company entered into a shares purchase agreement with certain investors, pursuant to which 28,226,073 Series E-2 convertible redeemable preferred shares (the “Series E Preferred Shares”, “Series E-2 Preferred Shares” or “Series E Preferred Shares Tranche II”) were issued on July 4, 2019 for an aggregated consideration of US$50.0 million.

On February 10, 2020, the Company entered into a shares purchase agreement with certain investors, pursuant to which 48,689,976 Series F convertible redeemable preferred shares (the “Series F Preferred Shares”) were issued on February 10, 2020 for an aggregated consideration of US$150.0 million.

On November 27, 2020, the Company entered into a shares purchase agreement with certain investors, pursuant to which 50,664,609 Series F+ convertible redeemable preferred shares (the “Series F Preferred Shares” or “Series F-plus Preferred Shares”) were issued on November 27, 2020 for an aggregated consideration of US$270.0 million.

15.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

The Series A, B, C, D, E and F Preferred Shares are collectively referred to as the Preferred Shares. The holders of Preferred Shares are collectively referred to as the Preferred Shareholders. The key terms of the Preferred Shares issued by the Company are as follows:

Conversion rights

Optional conversion

Each Series A, B, C, D, E and F Preferred Share shall be convertible, at the option of the holder thereof, at any time and without the payment of additional consideration by the holder thereof, into such number of Class A ordinary shares as determined by the quotient of the applicable issue price divided by the then effective applicable conversion price with respect to such particular series of Preferred Shares, which shall initially be the applicable issue price for the Series A, B, C, D, E and F Preferred Shares, as the case may be, resulting in an initial conversion ratio for the Preferred Shares of 1:1, and shall be subject to adjustment and readjustment from time to time, including but not limited to additional equity securities issuances, share dividends, distributions, subdivisions, redemptions, combinations, or reorganizations, mergers, consolidations, reclassifications, exchanges or substitutions.

Automatic conversion

Each Preferred Share is convertible, at the option of the holder, at any time after the date of issuance of such Preferred Shares according to a conversion ratio, subject to adjustments for dilution, including but not limited to stock splits, stock dividends and capitalization and certain other events. Each Preferred Share is convertible into a number of ordinary shares determined by dividing the applicable original issue price by the conversion price (initially being 1 to 1 conversion ratio). The conversion price of each Preferred Share is the same as its original issue price and no adjustments to conversion price have occurred so far.

Each Series A, B, C, D, E and F Preferred Share shall automatically be converted into Class A ordinary shares, at the then applicable preferred share conversion price upon (i) closing of a Qualified Initial Public Offering, or (ii) the written approval of the holders of a majority of each series of Preferred Shares (calculated and voting separately in their respective single class on an as-converted basis).

Voting rights

Each holder of Series A, B, C, D, E and F Preferred Shares is entitled to cast the number of votes equal to the number of Class A ordinary shares such Preferred Shares would be entitled to convert into at the then effective conversion price. There was a modification to the voting rights of the shares controlled by Mr. Peng Zhao when the Series F and Series F-plus Preferred Shares were issued as follows:

●

the voting rights of ordinary shares controlled by Mr. Peng Zhao was modified to carry 10 votes in connection with the Series F Preferred Shares financing; and

●

the voting rights of shares controlled by Mr. Peng Zhao was modified to carry 15 votes in connection with the Series F-plus Preferred Shares financing.

Dividend rights

Each Preferred Share shall have the right to receive dividends, on an as-converted basis, when, as and if declared by the Board. No dividend shall be paid on the ordinary shares at any time unless and until all dividends on the Preferred Shares have been paid in full. No dividends on preferred and ordinary shares have been declared since the issuance date.

15.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

Liquidation preference

In the event of any liquidation (unless waived by the majority of Preferred Shareholders) including deemed liquidation, dissolution or winding up of the Company, Preferred Shareholders shall be entitled to receive a per share amount equal to 100% of the original preferred share issue price of the respective series of Preferred Shares, as adjusted for share dividends, share splits, combinations, recapitalizations or similar events, plus all accrued and declared but unpaid dividends thereon, in the sequence of Series F Preferred Shares, Series E Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series B Preferred Shares, and Series A Preferred Shares. After such liquidation amounts have been paid in full, any remaining funds or assets of the Company legally available for distribution to shareholders shall be distributed on a pro rata, pari passu basis among the holders of the Preferred Shares, on an as-converted basis, together with the holders of the ordinary shares.

Redemption rights

At any time commencing on a date specified in the shareholders’ agreements (the “Redemption Start Date”), holders of majority (more than 50%) of the then outstanding Series A, B, C, D, E and F Preferred Shares may request a redemption of the Preferred Shares of such series. On receipt of a redemption request from the holders, the Company shall redeem all or part, as requested, of the outstanding Preferred Shares of such series.

The Redemption Start Date of Preferred Shares have been amended for a number of times historically. If any holder of any series of Preferred Shares exercises its redemption right, any holder of other series of Preferred Shares shall have the right to exercise the redemption of its series at the same time.

The redemption prices have been modified historically. Prior to the issuance of Series F Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 10% compound interest per annum (calculated from the issuance date of the respective series of Preferred Shares), and declared but unpaid dividends. Upon the issuance of Series F Preferred Shares, the price at which each Preferred Share shall be redeemed shall equal to the original Preferred Shares issue price for such series plus 8% simple interest per annum (calculated from the issuance dates of the respective series of Preferred Shares), and declared but unpaid dividends.

If on the redemption date triggered by the occurrence of any redemption event, the Company’s assets or funds which are legally available are insufficient to pay in full the aggregate redemption price for Preferred Shares requested to be redeemed, upon the request of a redeeming shareholder, the Company shall execute and deliver a two-year note, bearing an interest of ten percent (10%) per annum and with repayment of the principal and interest to be made on a monthly basis over a period of twenty-four (24) months. Preferred Shares subject to redemption with respect to which the Company has become obligated to pay the redemption price but which it has not paid in full shall continue to have all the rights and privileges which such Preferred Shareholders had prior to such date, until the redemption price has been paid in full with respect to such Preferred Shares.

Conversion upon US IPO

In June 2021, upon the completion of the US IPO, all of the Preferred Shares were automatically converted to 551,352,134 Class A ordinary shares on a one-for-one basis.

Accounting for preferred shares

The Company classified the Preferred Shares in the mezzanine equity section of the consolidated balance sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation event outside of the Company’s control. The Preferred Shares are recorded initially at fair value, net of issuance cost.

The Company records accretion on the Preferred Shares, where applicable, to the redemption value from the issuance dates to the earliest redemption dates. The accretion, calculated using the effective interest method, is recorded against retained earnings, or in the absence of retained earnings, by charging against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit.

15.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

The Company has determined that, under the whole instrument approach, host contract of the Preferred Shares is more akin to a debt host, given the Preferred Shares holders have potential creditors’ right in the event of insufficient fund upon redemption, along with other debt-like features in the terms of the Preferred Shares, including the redemption rights. However, the Company determined that the embedded feature, including conversion feature, do not require bifurcation as they either are clearly and closely related to the host or do not meet definition of a derivative.

The Company has determined that there was no beneficial conversion feature attributable to all Preferred Shares because the initial effective conversion prices of these Preferred Shares were higher than the fair value of the Company’s ordinary shares determined by the Company with the assistance from an independent third-party appraiser.

Modification of preferred shares

The Company assesses whether an amendment to the terms of its convertible redeemable preferred shares is an extinguishment or a modification based on a qualitative evaluation of the amendment. If the amendment adds, removes, significantly changes to a substantive contractual term or to the nature of the overall instrument, the amendment results in an extinguishment of the preferred shares. The Company also assesses if the change in terms results in value transfer between Preferred Shareholders or between Preferred Shareholders and ordinary shareholders.

When convertible redeemable preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible redeemable Preferred Shareholders and the carrying amount of such preferred shares (net of issuance cost) is treated as a deemed dividend to the Preferred Shareholders. When convertible redeemable preferred shares are modified and such modification results in value transfer between Preferred Shareholders and ordinary shareholders, the change in fair value resulted from the amendment is treated as a deemed dividend to or from the Preferred Shareholders.

Preferred shares modifications were mainly included below:

●

Starting from the issuance of Series C Preferred Shares, optional redemption date of each pre-existing Preferred Shares was modified and extended to the fifth anniversary of each newly issued series of Preferred Shares applicable closing date; and

●

On February 10, 2020, the Redemption Start Date of Series A, B, C, D and E Preferred Shares was extended from July 5, 2024 to February 10, 2025, which is to be in line with the optional redemption date of Series F Preferred Shares. In the meanwhile, redemption price interest rate was lowered from 10% compound interest per annum to 8% simple interest per annum commencing from Series F Preferred Shares original issuance date and ending on the date of redemption.

From both quantitative and qualitative perspectives, the Company assessed the impact of these modifications and concluded that they represented a modification rather than extinguishment of pre-existing preferred shares, and the impact of the modification was immaterial.

15.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

The Company’s convertible redeemable preferred shares activities for the year ended December 31, 2021 are summarized below:


	Series A		Series B		Series C		Series D		Series E		Series F
	Preferred Shares		Preferred Shares		Preferred Shares		Preferred Shares		Preferred Shares		Preferred Shares		Total
	Number		Number		Number		Number		Number		Number		Number
	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount	of shares	Amount
		RMB		RMB		RMB		RMB		RMB		RMB		RMB
	(in thousands, except for share data)
Balance as of January 1, 2021	60,000,000	36,177	40,000,000	67,976	147,068,133	478,565	60,856,049	380,782	144,073,367	1,845,033	99,354,585	2,882,063	551,352,134	5,690,596
Accretion on convertible redeemable preferred shares to redemption value	—	1,057	—	2,006	—	13,580	—	10,823	—	51,072	—	85,527	—	164,065
Conversion of Preferred Shares to ordinary shares	(60,000,000)	(37,234)	(40,000,000)	(69,982)	(147,068,133)	(492,145)	(60,856,049)	(391,605)	(144,073,367)	(1,896,105)	(99,354,585)	(2,967,590)	(551,352,134)	(5,854,661)
Balance as of December 31, 2021	—	—	—	—	—	—	—	—	—	—	—	—	—	—

OPERATING LEASE - Schedule Of Supplemental Cash Flow Information Related To Operating Leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING LEASE
Cash paid for amounts included in the measurement of operating lease liabilities	¥ 184,101	¥ 154,626	¥ 102,154
Right-of-use assets obtained in exchange for operating lease liabilities	¥ 248,325	¥ 139,968	¥ 274,358

BUSINESS ACQUISITION

12 Months Ended

Dec. 31, 2023

BUSINESS ACQUISITION

BUSINESS ACQUISITION

7.BUSINESS ACQUISITION

On October 11, 2022, the Group completed the acquisition of 100% equity interest of Beijing Qihui Ruituo Consulting Co., Ltd. (“Beijing Qihui”), which focuses on providing executive search services for mid-level to senior management and professional technical personnel to employers in the internet industry.

The consideration of this acquisition was RMB10.0 million in cash. Additionally, there was a contingent payment arrangement, which was mainly subject to continued employments of the founder of Beijing Qihui and certain key employees and certain performance conditions. The contingent payment arrangement was accounted for as post-combination compensation expenses during the requisite service periods when it is probable that the performance conditions will be met.

The acquisition was accounted for as a business acquisition using the purchase method of accounting. The consideration of the acquisition was allocated based on the fair value of the assets acquired and the liabilities assumed as of the acquisition date as follows:


		Amount
		RMB
		(in thousands)
Purchase consideration		10,000

Identifiable intangible assets acquired
—Non-compete agreements		8,400
—Trademarks		1,000
—Database		1,000
Goodwill		5,690
Deferred tax liabilities		(2,080)
Net liabilities assumed		(4,010)
Total		10,000

Goodwill was primarily attributable to the benefit of the synergies and future business growth expected to be achieved from the acquisition. Goodwill was expected to be non-deductible for income tax purposes.

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Details) $ in Millions													1 Months Ended	12 Months Ended
	Nov. 27, 2020 USD ($) shares	Feb. 10, 2020 USD ($) shares	Jul. 04, 2019 USD ($) shares	Mar. 08, 2019 USD ($) shares	Dec. 18, 2018 USD ($) shares	Nov. 02, 2017 USD ($) shares	Feb. 10, 2017 USD ($) shares	Aug. 15, 2016 USD ($) shares	Jul. 07, 2016 USD ($) shares	Apr. 08, 2015 USD ($) shares	Dec. 16, 2014 USD ($) shares	May 20, 2014 USD ($) shares	Jun. 30, 2021 shares	Dec. 31, 2023	Dec. 31, 2020 shares
Common Class A
Temporary Equity [Line Items]
Conversion of preferred shares to ordinary shares, Shares													551,352,134
Series A Convertible Redeemable Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															60,000,000
Temporary equity issued during the period shares												60,000,000
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $												$ 3.0
Series B Convertible Redeemable Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															40,000,000
Temporary equity issued during the period shares											26,666,667
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $											$ 4.0
Series B Convertible Redeemable Preferred Stock \| TECHWOLF LIMITED
Temporary Equity [Line Items]
Temporary equity issued during the period shares											13,333,333
Series E Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															144,073,367
Temporary equity issued during the period shares					83,474,263
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $					$ 130.0
Series E Redeemable Convertible Preferred Stock \| Tranche One
Temporary Equity [Line Items]
Temporary equity issued during the period shares				32,373,031
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $				$ 55.0
Series E Redeemable Convertible Preferred Stock \| Tranche Two
Temporary Equity [Line Items]
Temporary equity issued during the period shares			28,226,073
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $			$ 50.0
Series C Convertible Redeemable Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															147,068,133
Temporary equity issued during the period shares										48,000,000
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $										$ 10.0
Series C Convertible Redeemable Preferred Stock \| Tranche One
Temporary Equity [Line Items]
Temporary equity issued during the period shares									45,319,316
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $									$ 12.5
Series C Convertible Redeemable Preferred Stock \| Tranche Two
Temporary Equity [Line Items]
Temporary equity issued during the period shares								42,251,744
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $								$ 18.0
Series C Convertible Redeemable Preferred Stock \| Tranche Three
Temporary Equity [Line Items]
Temporary equity issued during the period shares							11,497,073
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $							$ 6.0
Series D Convertible Redeemable Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															60,856,049
Temporary equity issued during the period shares						60,856,049
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $						$ 43.4
Series F Convertible Redeemable Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															99,354,585
Temporary equity issued during the period shares	50,664,609	48,689,976
Proceeds from Issuance of Redeemable Convertible Preferred Stock \| $	$ 270.0	$ 150.0
Convertible Redeemable Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding															551,352,134
Preferred Stock convertible, conversion ratio														1
Temporary equity liquidation preference per share percentage														100.00%
Threshold shareholding percentage required for redemption notice														50.00%
Convertible Redeemable Preferred Stock \| Debt Note to Redeeming Shareholder
Temporary Equity [Line Items]
Debt instrument term														2 years
Debt instrument interest rate														10.00%
Convertible Redeemable Preferred Stock \| Prior to Issuance of Series F Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity redemption price compound interest per annum		10.00%												10.00%
Redeemable convertible preferred stock initial Redemption start date		Jul. 05, 2024
Convertible Redeemable Preferred Stock \| Post Issuance of Series F Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity redemption price simple interest per annum		8.00%												8.00%
Redeemable convertible preferred stock modified Redemption start date		Feb. 10, 2025

INCOME TAX - Reconciliation Between The PRC Statutory Income Tax Rate And Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation Between The PRC Statutory Income Tax Rate and Effective Income Tax Rate
PRC statutory income tax rate	25.00%	25.00%	25.00%
Effect of tax-exempt entities and tax rates in different jurisdictions	(5.72%)	(21.95%)	(37.89%)
Effect of PRC preferential tax rates	(7.72%)	(10.43%)	5.15%
Effect of permanent difference*	0.36%	(11.00%)	1.24%
Changes in valuation allowance	(2.40%)	16.63%	(8.38%)
Others	0.51%	10.08%	9.00%
Effective tax rate	(10.03%)	(8.33%)	5.88%

ORDINARY SHARES (Details) ¥ in Thousands, $ in Millions	1 Months Ended				12 Months Ended
ORDINARY SHARES (Details) ¥ in Thousands, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 CNY (¥) shares	Mar. 31, 2021 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥)
ORDINARY SHARES
Proceeds from the US IPO, net of issuance cost \| ¥									¥ 6,406,872
Repurchase value of stock \| ¥					¥ 184,698		¥ 918,894
Common Class A
ORDINARY SHARES
Conversion of convertible redeemable preferred shares, Shares			551,352,134
Common stock shares issued					750,523,103	750,523,103	749,323,103	749,323,103
Common stock shares outstanding					740,172,377	740,172,377	724,582,975	724,582,975
Common stock voting rights					one	one
Common Class B
ORDINARY SHARES
Common stock shares issued					139,630,401	139,630,401	140,830,401	140,830,401
Common stock shares outstanding					139,630,401	139,630,401	140,830,401	140,830,401
Common stock voting rights					ten	ten
Share repurchase program
ORDINARY SHARES
Repurchase value of stock					¥ 184,700	$ 26.0	¥ 918,900	$ 131.2
Share repurchase program \| Common Class A
ORDINARY SHARES
Repurchase of ordinary shares (in shares)					3,530,912	3,530,912	17,645,098	17,645,098
Share repurchase program \| American Depositary Shares
ORDINARY SHARES
Repurchase of ordinary shares (in shares)					1,765,456	1,765,456	8,822,549	8,822,549
Share repurchase program 2022
ORDINARY SHARES
Stock repurchase program, authorized amount \| $		$ 150.0
Stock repurchase program, period in force		12 months
Share repurchase program 2023
ORDINARY SHARES
Stock repurchase program, authorized amount \| $	$ 150.0
Stock repurchase program, period in force	12 months
IPO \| Common Class A
ORDINARY SHARES
Number of new stock issued during the period			110,400,000
Proceeds from the US IPO, net of issuance cost \| ¥			¥ 6,406,900
TECHWOLF LIMITED \| Common Class B
ORDINARY SHARES
Number of new stock issued during the period			24,745,531
Number of shares repurchased and retired				1,181,339

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

Schedule of stock option activity


		Weighted	Weighted		Weighted
		average	average	Aggregate	average
	Number of	exercise	remaining	intrinsic	grant-date
	share options	price	contractual life	value	fair value
		US$	In Years	US$	US$
Outstanding as of January 1, 2021	107,133,353	1.16	6.84	226,639	0.64
Granted	32,710,153	4.14
Exercised	(54,385,484)	0.55
Forfeited	(2,982,054)	1.98
Outstanding as of December 31, 2021	82,475,968	2.71	8.05	1,214,916	2.82
Granted*	8,424	0.00
Exercised	(12,413,256)	1.59
Forfeited	(1,709,938)	3.39
Outstanding as of December 31, 2022	68,361,198	2.90	7.23	498,336	2.99
Exercised	(11,810,406)	2.16
Forfeited	(718,812)	4.09
Outstanding as of December 31, 2023	55,831,980	3.04	6.34	294,189	3.15
Vested and expected to vest as of December 31, 2023	55,831,980	3.04	6.34	294,189	3.15
Exercisable as of December 31, 2023	37,075,572	2.54	5.94	213,744	2.24

The weighted average grant-date fair value of share options granted in 2022 was US$12.13.

Schedule of assumptions in the binomial option-pricing model to determine the fair value of the share options


		For the year ended December 31, 2021
Fair value of ordinary shares on the grant date of share options (US$)		6.78-18.09
Risk-free interest rate⁽¹⁾		1.6%-2.0%
Expected term (in years)		10
Expected dividend yield⁽²⁾		0%
Expected volatility⁽³⁾		58.8%-59.8%
Expected early exercise multiple		2.2x-2.8x

(1)

(2)

The Company had no history or expectation of paying dividends on its ordinary shares.

(3)

Expected volatility was estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

Schedule of RSU activity


		Weighted average
	Number of RSUs	grant-date fair value
		US$
Outstanding as of January 1, 2021	—	—
Granted	3,521,118
Outstanding as of December 31, 2021	3,521,118	19.05
Granted	19,686,470
Vested	(1,959,584)
Forfeited	(435,058)
Outstanding as of December 31, 2022	20,812,946	11.23
Granted	26,216,836
Vested	(6,109,908)
Forfeited	(1,461,262)
Outstanding as of December 31, 2023	39,458,612	9.58

Schedule of share-based compensation expenses


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Cost of revenues	31,467	39,587	46,395
Sales and marketing expenses	73,733	170,366	262,431
Research and development expenses	137,820	284,323	418,769
General and administrative expenses*	1,680,626	197,928	329,372
Total	1,923,646	692,204	1,056,967

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Receivables from third-party online payment platforms	30,317	96,560
Prepaid advertising expenses and service fee	211,604	95,318
Receivables related to the exercise of share-based awards*	172,452	79,182
Deposits	68,390	63,201
Prepaid income tax	42,380	46,277
Staff loans and advances	33,672	25,744
Others	41,958	36,415
Total	600,773	442,697

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.

SHARE-BASED COMPENSATION - Schedule Of RSU activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of RSU activity
Outstanding beginning balance	20,812,946	3,521,118
Granted	26,216,836	19,686,470	3,521,118
Vested	(6,109,908)	(1,959,584)
Forfeited	(1,461,262)	(435,058)
Outstanding ending balance	39,458,612	20,812,946	3,521,118
Weighted average grant-date fair value, outstanding as of December 31	$ 9.58	$ 11.23	$ 19.05

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP.

(b)Principles of consolidation

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(b)Principles of consolidation (continued)

All transactions and balances between the Company, its subsidiaries, the consolidated VIE and VIE’s subsidiaries have been eliminated upon consolidation.

(c)Use of estimates

(d)Functional currency and foreign currency translation

(e)Convenience translation

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(f)Fair value measurement

●

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 – Include other inputs that are directly or indirectly observable in the marketplace.

●

Level 3 – Unobservable inputs which are supported by little or no market activity.

(g)Business combination

(h)Cash and cash equivalents

(i)Time deposits

Time deposits are fixed deposits in financial institutions with original maturities greater than three months but less than twelve months, which are measured at amortized cost.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(j)Investments

(k)Receivables

(l)Property, equipment and software


Category		Estimated useful lives
Electronic equipment		3-5 years
Leasehold improvement		Shorter of lease term or estimated useful life of the assets
Furniture and fixtures		5 years
Motor vehicles		3-5 years
Software		5 years

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(m)Intangible Assets


Category		Estimated useful lives
Domains		10 years
Non-compete agreements		6 years
Trademarks		3 years
Database		3 years

(n)Impairment of long-lived assets other than goodwill

(o)Goodwill

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(p)Revenue recognition

According to ASC 606, revenue is recognized net of value-added tax (“VAT”) when or as the control of services is transferred to a customer. Depending on the terms of the contract, control of services may be transferred over time or at a point in time. Control of services is transferred over time if one of the following criteria is met: (i) customers simultaneously receive and consume the benefits provided by the Group’s performance; (ii) the Group’s performance creates or enhances an asset that customers control; or (iii) the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payments for performance completed to date. If control of services is transferred over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when customers obtain control of the services.

Online recruitment services to enterprise customers

The Group provides online recruitment services with different kinds of features to enterprise customers, including direct recruitment services such as job postings, and value-added tools such as bulk invite sending, which could be purchased as a part of a package or on a standalone basis.

Based on the pattern by which the Group provides services and how enterprise customers benefit from services, these services can be divided into two categories in terms of revenue recognition: (i) services over a particular subscription period, which provide enterprise customers certain rights during a particular subscription period; for example, paid job postings allow enterprise customers to present certain job positions, receive job seeker recommendations, browse the mini-resume of and chat with a certain number of job seekers in its platform during the subscription period; and (ii) services with definite and limited number of usages within an expiration period, such as bulk invite sending and advanced filter. Accordingly, the Group recognizes its revenues from online recruitment services either over time or at a point in time as following:

●

For services over a particular subscription period, the Group has a stand-ready obligation to deliver the corresponding services on a when-and-if-available basis during the subscription period, and enterprise customers simultaneously and continuously receive and consume the benefits as the Group provides the services throughout the subscription period. Therefore, a time-based measure of progress best reflects the satisfaction of the performance obligations and the Group recognizes related revenues on a straight-line basis over the subscription period.

●

For services with definite and limited number of usages within an expiration period, upon the delivery of the individual services, the Group satisfies its performance obligations and enterprise customers benefit from its performance obligations. Therefore, revenues are recognized at a point in time. If these services are unused within the expiration period, the Group recognizes related revenues when they expire.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(p)Revenue recognition (continued)

Other services

Other services mainly represent paid value-added tools offered to job seekers such as increased exposure of resume and candidate competitive analysis.

Arrangements with multiple performance obligations

Multiple performance obligations exist when enterprise customers purchase subscription packages, which include an array of services. For those services included in subscription packages, the selling prices are consistently made references to the standalone selling prices when sold separately. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price, considering bulk-sale price discounts offered to certain enterprise customers where applicable.

Deferred revenue

Remaining performance obligations

(q)Cost of revenues

(r)Sales and marketing expenses

(s)Research and development expenses

(t)General and administrative expenses

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(u)Employee benefits

(v)Share-based compensation

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(w)Operating leases

(x)Income tax

(y)Comprehensive income/(loss)

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(z)Segment reporting

(aa)Net income/(loss) per share

(bb)Recent accounting pronouncements

Recently adopted accounting pronouncements

Recently issued accounting pronouncements not yet adopted

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

5.PREPAYMENTS AND OTHER CURRENT ASSETS


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Receivables from third-party online payment platforms	30,317	96,560
Prepaid advertising expenses and service fee	211,604	95,318
Receivables related to the exercise of share-based awards*	172,452	79,182
Deposits	68,390	63,201
Prepaid income tax	42,380	46,277
Staff loans and advances	33,672	25,744
Others	41,958	36,415
Total	600,773	442,697

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.

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities
Net (loss)/income	¥ 1,099,218	$ 154,822	¥ 107,245	¥ (1,071,074)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Share-based compensation	1,056,967	148,871	692,204	417,284
Issuance of Class B ordinary shares to TECHWOLF LIMITED				1,506,362
Depreciation and amortization	258,752	36,444	140,078	80,100
Loss/(Gain) from disposal of property, equipment and software	183	26	(96)	110
Foreign exchange loss/(gain)	(1,088)	(153)	(8,627)	1,961
Amortization of right-of-use assets	169,137	23,822	147,322	109,336
Unrealized interest and investment income	(288,042)	(40,570)	(43,716)	(6,595)
Deferred income tax expenses	14,083	1,984	9,324
Allowance for credit losses	86	12	336
Changes in operating assets and liabilities:
Accounts receivable	(7,037)	(991)	(5,982)	5,997
Prepayments and other current assets	123,933	17,456	13,321	(403,696)
Amounts due from related parties	1,748	246	901	3,503
Other non-current assets				(4,000)
Accounts payable	24,744	3,485	10,179	13,464
Deferred revenue	733,183	103,266	102,322	758,221
Other payables and accrued liabilities	31,931	4,497	(18,037)	329,802
Operating lease liabilities	(170,789)	(24,055)	(143,732)	(99,394)
Net cash provided by operating activities	3,047,009	429,162	1,003,042	1,641,381
Cash flows from investing activities
Purchase of property, equipment and software	(955,511)	(134,581)	(340,120)	(259,891)
Disposal of property, equipment and software	6,953	979	324	29
Purchase of time deposits and short-term investments	(16,867,453)	(2,375,732)	(5,213,058)	(3,940,000)
Maturity of time deposits and short-term investments	10,272,111	1,446,797	2,746,201	3,598,000
Purchase of long-term investments	(2,394,679)	(337,283)
Cash paid for business combinations, net of cash acquired	(66)	(9)	(9,928)
Net cash used in investing activities	(9,938,645)	(1,399,829)	(2,816,581)	(601,862)
Cash flows from financing activities
Proceeds from the US IPO, net of issuance cost				6,406,872
Proceeds from exercise of share-based awards	217,712	30,665	249,662	35,975
Repurchase of ordinary shares	(71,835)	(10,118)	(918,894)
Payment of dividends	(562,899)	(79,283)
Net cash provided by/(used in) financing activities	(417,022)	(58,736)	(669,232)	6,431,263
Effect of exchange rate changes on cash and cash equivalents	29,793	4,196	892,837	(127,227)
Net increase/(decrease) in cash and cash equivalents	(7,278,865)	(1,025,207)	(1,589,934)	7,343,555
Cash and cash equivalents at beginning of the year	9,751,824	1,373,516	11,341,758	3,998,203
Cash and cash equivalents at end of the year	2,472,959	348,309	9,751,824	11,341,758
Supplemental cash flow disclosure
Cash paid for income tax	133,456	18,797	101,293
Supplemental disclosures of non-cash investing and financing activities
Accretion on convertible redeemable preferred shares to redemption value				164,065
Changes in payables for purchase of property, equipment and software	419,175	59,040	¥ 122,155	(2,357)
Unpaid consideration for share repurchase	¥ 113,802	$ 16,029
Class B ordinary shares
Cash flows from financing activities
Repurchase of ordinary shares				¥ (11,584)

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

20.COMMITMENTS AND CONTINGENCIES

Commitments

The Group’s capital commitments primarily relate to the purchase of servers. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB225.6 million as of December 31, 2023.

Additionally, the Group engages third parties for promoting its brand image through various advertising channels. The advertising commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB55.6 million as of December 31, 2023.

Contingencies

The Group and certain of its officers and directors have been named as defendants in a putative securities class action filed on July 12, 2021 in the U.S. District Court for the District of New Jersey. On March 4, 2022, plaintiff filed the Amended Complaint, purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of their trading in the securities between June 11, 2021 and July 2, 2021. The action alleges that the Group made false and misleading statements regarding the business, operations and compliance policies in violation of the Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Briefing on the Group’s motion to dismiss was completed in July 2022. In September 2022, the parties reached a tentative agreement in principle to settle the case. On November 10, 2022, the Court granted preliminary approval of the parties’ settlement agreement, pursuant to which, without any admission or finding of any wrongdoing on the part of any of the defendants, the parties agreed that, in consideration of the Company’s payment of US$2.25 million, all actual and potential claims and causes of action that have been or could have been alleged against the Company and the individual defendant (including the individuals mentioned above) are resolved and discharged and precluded from being raised again in any future action. The above settlement amount has been paid in December 2022. On April 5, 2023, after holding a fairness hearing, the Court granted final approval of the settlement and terminated the case.

Other than the above legal proceedings, the Group did not have any material litigation and has not recorded any material liabilities in this regard as of December 31, 2023.

PROFIT APPROPRIATION AND RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

PROFIT APPROPRIATION AND RESTRICTED NET ASSETS

PROFIT APPROPRIATION AND RESTRICTED NET ASSETS

21.PROFIT APPROPRIATION AND RESTRICTED NET ASSETS

The Company’s subsidiaries, consolidated VIE and VIE’s subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.

In accordance with the laws applicable to the foreign investment enterprises established in the PRC, the Group’s subsidiaries registered as wholly owned foreign enterprises have to make appropriations from their after-tax profits as determined under the Generally Accepted Accounting Principles in the PRC (“PRC GAAP”) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund on an annual basis. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with the PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion.

In addition, in accordance with the PRC Company Law, the Group’s consolidated VIE and VIE’s subsidiaries must make appropriations from their after-tax profits as determined under the PRC GAAP to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund on an annual basis. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under the PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

The use of the general reserve fund, enterprise expansion fund, statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to employees and for the collective welfare of employees. These reserves are not distributable as cash dividends.

Accordingly, under these PRC laws and regulations, the Company’s subsidiaries, the consolidated VIE and VIE’s subsidiaries incorporated in PRC are restricted in their ability to transfer a portion of their net assets to the Company. Amounts restricted, including paid-in capital and statutory reserve funds, totaled approximately RMB943.8 million, or 7.0% of the Group’s total consolidated net assets as of December 31, 2023.

FAIR VALUE MEASUREMENT (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
FAIR VALUE MEASUREMENT (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value disclosure
Asset impairment charges	¥ 0	¥ 0	¥ 0
Wealth management products \| Fair value
Fair value disclosure
Short-term investments	2,783,212	2,665,047
Long-term investments	354,135
Listed equity securities \| Fair value
Fair value disclosure
Short-term investments	1,325
Unlisted equity securities \| Fair value
Fair value disclosure
Long-term investments	149,588
Quoted prices in active markets for identical assets (Level 1) \| Listed equity securities \| Fair value
Fair value disclosure
Short-term investments	1,325
Significant other observable inputs (Level 2) \| Wealth management products \| Fair value
Fair value disclosure
Short-term investments	2,783,212	¥ 2,665,047
Long-term investments	354,135
Significant unobservable inputs (Level 3) \| Unlisted equity securities \| Fair value
Fair value disclosure
Long-term investments	¥ 149,588

ACCOUNTS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2023

ACCOUNTS PAYABLE

Schedule of accounts payable


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Payables for purchase of property, equipment and software	142,142	561,317
Payables for advertising expenses	32,277	15,369
Others	10,878	52,530
Total	185,297	629,216

OPERATING LEASE (Tables)

12 Months Ended

Dec. 31, 2023

OPERATING LEASE

Schedule of components of lease expenses


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Operating lease expenses	116,091	162,448	182,591
Short-term lease expenses	2,177	1,947	4,424
Total	118,268	164,395	187,015

Schedule of supplemental balance sheet information related to operating lease


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Right-of-use assets, net	289,628	282,612

Operating lease liabilities, current	151,438	155,014
Operating lease liabilities, non-current	143,591	125,079
Total operating lease liabilities	295,029	280,093


	As of December 31,
	2022		2023
Weighted average remaining lease term (in years)	2.60		2.05
Weighted average discount rate	4.81	%	4.77	%

Schedule of supplemental cash flow information related to operating lease


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	102,154	154,626	184,101
Right-of-use assets obtained in exchange for operating lease liabilities	274,358	139,968	248,325

Schedule of maturities of lease liabilities


		As of
		December 31,
		2023
		RMB
		(in thousands)
2024		158,723
2025		113,895
2026		20,894
2027		455
Thereafter		—
Total undiscounted lease payments		293,967
Less: imputed interest		(13,874)
Total operating lease liabilities		280,093

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Cumulative-effect adjustment Accumulated deficit CNY (¥)	Cumulative-effect adjustment CNY (¥)	Ordinary shares TECHWOLF LIMITED CNY (¥) shares	Ordinary shares IPO CNY (¥) shares	Ordinary shares CNY (¥) shares	Treasury shares CNY (¥) shares	Additional paid-in capital TECHWOLF LIMITED CNY (¥)	Additional paid-in capital IPO CNY (¥)	Additional paid-in capital CNY (¥)	Statutory reserves CNY (¥)	Accumulated other comprehensive (loss)/income CNY (¥)	Accumulated deficit CNY (¥)	Noncontrolling Interests CNY (¥)	TECHWOLF LIMITED CNY (¥)	IPO CNY (¥)	CNY (¥)	USD ($)
Balance (in shares) at Dec. 31, 2020 \| shares					128,983,824
Balance at Dec. 31, 2020					¥ 81				¥ 452,234		¥ (130,387)	¥ (2,622,045)				¥ (2,300,117)
Net income												(1,071,074)				(1,071,074)
Foreign currency translation adjustments											(127,378)					(127,378)
Share-based compensation									417,284							417,284
Accretion on convertible redeemable preferred shares to redemption value									(164,065)							(164,065)
Repurchase and cancellation of ordinary shares, Shares \| shares					(1,181,339)
Repurchase and cancellation of ordinary shares, Value					¥ (1)				(42,263)							(42,264)
Issuance of ordinary shares, Shares \| shares				110,400,000
Issuance of ordinary shares, Value				¥ 70				¥ 6,406,802							¥ 6,406,872
Issuance of Class B ordinary shares to TECHWOLF LIMITED, Shares \| shares			24,745,531
Issuance of Class B ordinary shares to TECHWOLF LIMITED, Value			¥ 16				¥ 1,506,346							¥ 1,506,362
Exercise of share-based awards					¥ 35				193,740							193,775
Exercise of share-based awards, Shares \| shares					54,385,484
Conversion of convertible redeemable preferred shares, Shares \| shares					551,352,134
Conversion of convertible redeemable preferred shares, Value					¥ 353				5,854,308							5,854,661
Balance (in shares) at Dec. 31, 2021 \| shares					868,685,634
Balance at Dec. 31, 2021					¥ 554				14,624,386		(257,765)	(3,693,119)				10,674,056
Net income												107,245				107,245
Foreign currency translation adjustments											952,949					952,949
Share-based compensation									692,204							692,204
Exercise of share-based awards					¥ 10				133,799							133,809
Exercise of share-based awards, Shares \| shares					14,372,840
Repurchase of ordinary shares						¥ (918,894)										(918,894)
Repurchase of ordinary shares (in shares) \| shares					(17,645,098)
Balance (in shares) at Dec. 31, 2022 \| shares					865,413,376
Balance at Dec. 31, 2022	¥ (606)	¥ (606)			¥ 564	¥ (918,894)			15,450,389		695,184	(3,586,480)				11,640,763
Net income												1,099,227	¥ (9)			1,099,218	$ 154,822
Foreign currency translation adjustments											186,976					186,976	26,335
Unrealized gains on available-for-sale investments											16,650					16,650	2,345
Share-based compensation									1,056,967							1,056,967
Exercise of share-based awards									(442,294)							181,568
Exercise of share-based awards, Shares \| shares					17,920,314	623,862,000
Repurchase of ordinary shares						¥ (184,698)										(184,698)
Repurchase of ordinary shares (in shares) \| shares					(3,530,912)
Cash dividends declared									(568,251)							(568,251)
Appropriation of Retained Earnings to Statutory Reserve										¥ 5,000		(5,000)
Balance (in shares) at Dec. 31, 2023 \| shares					879,802,778
Balance at Dec. 31, 2023					¥ 564	¥ (479,730)			¥ 15,496,811	¥ 5,000	¥ 898,810	¥ (2,492,253)	¥ (9)			¥ 13,429,193	$ 1,891,462

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property equipment and software


Category		Estimated useful lives
Electronic equipment		3-5 years
Leasehold improvement		Shorter of lease term or estimated useful life of the assets
Furniture and fixtures		5 years
Motor vehicles		3-5 years
Software		5 years

Schedule of estimated useful lives of intangible assets


Category		Estimated useful lives
Domains		10 years
Non-compete agreements		6 years
Trademarks		3 years
Database		3 years

OPERATING LEASE

12 Months Ended

Dec. 31, 2023

OPERATING LEASE

OPERATING LEASE

11.OPERATING LEASE

The Group’s operating leases are primarily for offices. The components of lease expenses are as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Operating lease expenses	116,091	162,448	182,591
Short-term lease expenses	2,177	1,947	4,424
Total	118,268	164,395	187,015

Supplemental balance sheet information related to operating leases is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Right-of-use assets, net	289,628	282,612

Operating lease liabilities, current	151,438	155,014
Operating lease liabilities, non-current	143,591	125,079
Total operating lease liabilities	295,029	280,093


	As of December 31,
	2022		2023
Weighted average remaining lease term (in years)	2.60		2.05
Weighted average discount rate	4.81	%	4.77	%

Supplemental cash flow information related to operating leases is as follows:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	102,154	154,626	184,101
Right-of-use assets obtained in exchange for operating lease liabilities	274,358	139,968	248,325

Maturities of operating lease liabilities are as follows:


		As of
		December 31,
		2023
		RMB
		(in thousands)
2024		158,723
2025		113,895
2026		20,894
2027		455
Thereafter		—
Total undiscounted lease payments		293,967
Less: imputed interest		(13,874)
Total operating lease liabilities		280,093

OPERATING LEASE - Schedule Of Components Of Lease Expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING LEASE
Operating lease expenses	¥ 182,591	¥ 162,448	¥ 116,091
Short-term lease expenses	4,424	1,947	2,177
Total	¥ 187,015	¥ 164,395	¥ 118,268

REVENUES - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
REVENUES
Revenue	¥ 5,952,028	$ 838,326	¥ 4,511,062	¥ 4,259,128
Online recruitment services to enterprise customers
REVENUES
Revenue	5,889,101	$ 829,463	4,461,282	4,219,026
Transferred over time \| Online recruitment services to enterprise customers
REVENUES
Revenue	4,340,400		3,331,000	3,043,700
Transferred at point in time \| Online recruitment services to enterprise customers
REVENUES
Revenue	¥ 1,548,700		¥ 1,130,200	¥ 1,175,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

SHARE-BASED COMPENSATION - Schedule Of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of share option activity
Outstanding beginning balance	68,361,198	82,475,968	107,133,353
Granted		8,424	32,710,153
Exercised	(11,810,406)	(12,413,256)	(54,385,484)
Forfeited	(718,812)	(1,709,938)	(2,982,054)
Outstanding ending balance	55,831,980	68,361,198	82,475,968	107,133,353
Vested and expected to vest as of December 31, 2023	55,831,980
Exercisable as of December 31, 2023	37,075,572
Weighted average exercise price
Outstanding beginning balance	$ 2.90	$ 2.71	$ 1.16
Granted		0.00	4.14
Exercised	2.16	1.59	0.55
Forfeited	4.09	3.39	1.98
Outstanding ending balance	3.04	$ 2.90	$ 2.71	$ 1.16
Vested and expected to vest as of December 31, 2023	3.04
Exercisable as of December 31, 2023	$ 2.54
Weighted average remaining contractual life
Outstanding ending	6 years 4 months 2 days	7 years 2 months 23 days	8 years 18 days	6 years 10 months 2 days
Vested and expected to vest as of December 31, 2023	6 years 4 months 2 days
Exercisable as of December 31, 2023	5 years 11 months 8 days
Aggregate intrinsic value
Outstanding ending Balance	$ 294,189	$ 498,336	$ 1,214,916	$ 226,639
Vested and expected to vest as of December 31, 2023	294,189
Exercisable as of December 31, 2023	$ 213,744
Weighted average grant-date fair value
Outstanding ending Balance	$ 3.15	$ 2.99	$ 2.82	$ 0.64
Vested and expected to vest as of December 31, 2023	3.15
Exercisable as of December 31, 2023	$ 2.24
Grant-date fair value		$ 12.13

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Schedule Of Convertible Redeemable Preferred Share (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) shares
Series A Convertible Redeemable Preferred Stock
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 36,177
Balance beginning, Shares \| shares	60,000,000
Accretion on convertible redeemable preferred shares to redemption value	¥ 1,057
Conversion of preferred shares to ordinary shares	¥ (37,234)
Conversion of preferred shares to ordinary shares, Shares \| shares	(60,000,000)
Series B convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 67,976
Balance beginning, Shares \| shares	40,000,000
Accretion on convertible redeemable preferred shares to redemption value	¥ 2,006
Conversion of preferred shares to ordinary shares	¥ (69,982)
Conversion of preferred shares to ordinary shares, Shares \| shares	(40,000,000)
Series C convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 478,565
Balance beginning, Shares \| shares	147,068,133
Accretion on convertible redeemable preferred shares to redemption value	¥ 13,580
Conversion of preferred shares to ordinary shares	¥ (492,145)
Conversion of preferred shares to ordinary shares, Shares \| shares	(147,068,133)
Series D convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 380,782
Balance beginning, Shares \| shares	60,856,049
Accretion on convertible redeemable preferred shares to redemption value	¥ 10,823
Conversion of preferred shares to ordinary shares	¥ (391,605)
Conversion of preferred shares to ordinary shares, Shares \| shares	(60,856,049)
Series E convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 1,845,033
Balance beginning, Shares \| shares	144,073,367
Accretion on convertible redeemable preferred shares to redemption value	¥ 51,072
Conversion of preferred shares to ordinary shares	¥ (1,896,105)
Conversion of preferred shares to ordinary shares, Shares \| shares	(144,073,367)
Series F convertible redeemable preferred shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 2,882,063
Balance beginning, Shares \| shares	99,354,585
Accretion on convertible redeemable preferred shares to redemption value	¥ 85,527
Conversion of preferred shares to ordinary shares	¥ (2,967,590)
Conversion of preferred shares to ordinary shares, Shares \| shares	(99,354,585)
Convertible Redeemable Preferred Stock
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Balance beginning	¥ 5,690,596
Balance beginning, Shares \| shares	551,352,134
Accretion on convertible redeemable preferred shares to redemption value	¥ 164,065
Conversion of preferred shares to ordinary shares	¥ (5,854,661)
Conversion of preferred shares to ordinary shares, Shares \| shares	(551,352,134)

NET INCOME/ (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

NET INCOME/ (LOSS) PER SHARE

Schedule of basic and diluted net loss per share


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
	(in thousands, except for share and per share data)
Numerator
Net (loss)/income attributable to ordinary shareholders of KANZHUN LIMITED	(1,235,139)	107,245	1,099,227
Denominator
Weighted average number of ordinary shares used in computing basic net (loss)/income per share	529,343,027	868,941,151	870,304,878
Dilutive effect of share-based awards	—	43,200,840	32,431,117
Weighted average number of ordinary shares used in computing diluted net (loss)/income per share	529,343,027	912,141,991	902,735,995
Net (loss)/income per share attributable to ordinary shareholders
—Basic	(2.33)	0.12	1.26
—Diluted	(2.33)	0.12	1.22

INVESTMENTS

12 Months Ended

Dec. 31, 2023

INVESTMENTS

INVESTMENTS

4.INVESTMENTS


	As of December 31,
	2022	2023
	RMB	RMB
	(in thousands)
Short-term investments
—Wealth management products	2,665,047	2,783,212
—Fixed rate notes⁽¹⁾	—	729,348
—Listed equity securities	—	1,325
Total short-term investments	2,665,047	3,513,885

Long-term investments
—Fixed rate notes⁽¹⁾	—	1,969,405
—Wealth management products	—	354,135
—Unlisted equity securities⁽²⁾	—	149,588
Total long-term investments	—	2,473,128

(1)

(2)

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

19.FAIR VALUE MEASUREMENT

Assets measured at fair value on a recurring basis

Information about inputs into the fair value measurement of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


		Fair value measurement at reporting date using
		Quoted prices in active	Significant other	Significant
		markets for identical assets	observable inputs	unobservable inputs
Description	Fair value	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
	(in thousands)
As of December 31, 2022
Short-term investments
—Wealth management products	2,665,047	—	2,665,047	—

As of December 31, 2023
Short-term investments
—Wealth management products	2,783,212	—	2,783,212	—
—Listed equity securities	1,325	1,325	—	—
Long-term investments
—Wealth management products	354,135	—	354,135	—
—Unlisted equity securities	149,588	—	—	149,588

Wealth management products. The fair value of wealth management products is estimated based on the quotes prices of similar financial products provided by financial institutions, which is classified as Level 2 in the fair value hierarchy.

Listed equity securities. The Group values investments in listed equity securities using the market approach based on the quoted prices in active markets, and accordingly the Group classifies the valuation techniques that use these inputs as Level 1 in the fair value hierarchy.

Unlisted equity securities. The investments in unlisted equity securities are classified as available-for-sale debt securities and its fair value is estimated using a market approach by adopting a backsolve method which benchmarked to recent comparable financing transactions of these investments. This valuation method applied unobservable inputs and assumptions including the pricing of recent financing of the investee and liquidity factors, which is classified as Level 3 in the fair value hierarchy.

Assets measured at fair value on a nonrecurring basis

The Group measures certain assets, including property, equipment and software and intangible assets, at fair value when they are deemed to be impaired. No impairment was recognized for the years presented.

Assets and liabilities not measured at fair value but fair value disclosure is required

Time deposits. The fair value of time deposits is estimated based on the prevailing interest rates in the market, which is classified as Level 2 in the fair value hierarchy. The fair value of time deposits approximates to their carrying value.

Held-to-maturity debt securities. The fair value of held-to-maturity debt securities is estimated based on the prevailing interest rates in the market, which have been categorized as Level 2 in the fair value hierarchy. The fair value of held-to-maturity debt securities approximates to their carrying value.

Receivables and payables. The fair value of accounts receivable, amounts due from related parties, other receivables, accounts payable, other payables and accrued liabilities approximates their carrying value due to their short-term maturity.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40460
Entity Registrant Name	KANZHUN LIMITED
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	18/F, GrandyVic Building
Entity Address, Address Line Two	Taiyanggong Middle Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100020
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1424
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Shanghai, the People’s Republic of China
Entity Central Index Key	0001842827
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information
Entity Address, Address Line One	18/F, GrandyVic Building
Entity Address, Address Line Two	Taiyanggong Middle Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100020
Entity Address, Country	CN
Contact Personnel Name	Yu Zhang
City Area Code	86 10
Local Phone Number	8462-8340
Contact Personnel Email Address	ir@kanzhun.com
American Depositary Shares
Document Information
Title of 12(b) Security	American depositary shares (each ADS represents two of our Class Aordinary shares, par value US$0.0001 per share)
Trading Symbol	BZ
Security Exchange Name	NASDAQ
Class A ordinary shares
Document Information
Title of 12(b) Security	Class A ordinary shares, par valueUS$0.0001 per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	740,172,377
No Trading Symbol Flag	true
Class B ordinary shares
Document Information
Entity Common Stock, Shares Outstanding	139,630,401

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives Of Property, Equipment And Software (Details)	Dec. 31, 2023
Electronic equipment \| Minimum
Property, Equipment and Software
Estimated useful lives	3 years
Electronic equipment \| Maximum
Property, Equipment and Software
Estimated useful lives	5 years
Leasehold improvement
Property, Equipment and Software
Estimated useful lives	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and fixtures
Property, Equipment and Software
Estimated useful lives	5 years
Motor vehicles \| Minimum
Property, Equipment and Software
Estimated useful lives	3 years
Motor vehicles \| Maximum
Property, Equipment and Software
Estimated useful lives	5 years
Software
Property, Equipment and Software
Estimated useful lives	5 years

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2024	Feb. 29, 2024
Share Repurchase Program Authorized in 2024
SUBSEQUENT EVENTS
Stock repurchase program, period in force	12 months
Stock repurchase program, authorized amount	$ 200.0
W.D Technology Investment Group Limited
SUBSEQUENT EVENTS
Percentage of equity interest acquired		77.00%
Purchase consideration		$ 52.7

NET INCOME/ (LOSS) PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator
Net (loss)/income attributable to ordinary shareholders of KANZHUN LIMITED	¥ 1,099,227	$ 154,823	¥ 107,245	¥ (1,235,139)
Weighted average number of ordinary shares used in computing diluted net (loss)/income per share
Weighted average number of ordinary shares used in computing basic net (loss)/income per share	870,304,878	870,304,878	868,941,151	529,343,027
Dilutive effect of share-based awards	32,431,117	32,431,117	43,200,840
Weighted average number of ordinary shares used in computing diluted net (loss)/income per share	902,735,995	902,735,995	912,141,991	529,343,027
Net (loss)/income per share attributable to ordinary shareholders
- Basic \| (per share)	¥ 1.26	$ 0.18	¥ 0.12	¥ (2.33)
- Diluted \| (per share)	¥ 1.22	$ 0.17	¥ 0.12	¥ (2.33)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

DIVIDEND (Details) $ / shares in Units, ¥ in Thousands, $ in Millions		12 Months Ended
	Nov. 14, 2023 USD ($) $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Dividend
Dividend amount	$ 79.2	¥ 568,251
Dividends \| $			$ 0.0	$ 0.0
Ordinary share
Dividend
Dividend declared	$ 0.09
ADR
Dividend
Dividend declared	$ 0.18

SHARE-BASED COMPENSATION - Schedule Of Stock-Based Compensation Expense (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Share-based compensation expenses		¥ 1,056,967	¥ 692,204	¥ 1,923,646
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses		¥ 329,372	¥ 197,928	¥ 1,680,626
TECHWOLF LIMITED \| Class B ordinary shares
SHARE-BASED COMPENSATION
Number of new stock issued during the period	24,745,531
TECHWOLF LIMITED \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 1,506,400

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives Of Intangible Assets (Details)	Dec. 31, 2023
Domains
Finite Lived Intangible Assets
Estimated useful lives	10 years
Non-compete agreements
Finite Lived Intangible Assets
Estimated useful lives	6 years
Trademarks
Finite Lived Intangible Assets
Estimated useful lives	3 years
Database
Finite Lived Intangible Assets
Estimated useful lives	3 years

SHARE-BASED COMPENSATION - Additional Disclosure (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Share-based Payment Arrangement, Option
SHARE-BASED COMPENSATION
Share based payment arrangement nonvested award option cost not yet recognized amount	$ 60.9
Share based payment arrangement nonvested award cost not yet recognized period for recognition	1 year 3 months 18 days
Share-based Payment Arrangement, Option \| Vested on Each Anniversary Of The Vesting Commencement Date For Four Years Thereafter
SHARE-BASED COMPENSATION
Share based Payment Award, Award Vesting Rights, Percentage	25.00%
Award Vesting Period	4 years
Share-based Payment Arrangement, Option \| Vested on Each Anniversary Of The Vesting Commencement Date For Two Years Thereafter
SHARE-BASED COMPENSATION
Share based Payment Award, Award Vesting Rights, Percentage	50.00%
Award Vesting Period	2 years
Restricted Stock Units (RSUs)
SHARE-BASED COMPENSATION
Share based payment arrangement nonvested award cost not yet recognized period for recognition	3 years 14 days
Share based payment arrangement nonvested award excluding option cost not yet recognized amount	$ 330.3
Class A ordinary shares \| Post-IPO Share Scheme
SHARE-BASED COMPENSATION
Maximum number of shares that may be issued \| shares	86,380,904

PROFIT APPROPRIATION AND RESTRICTED NET ASSETS (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥)
PROFIT APPROPRIATION AND RESTRICTED NET ASSETS
Restricted net assets	¥ 943.8
Percentage of total restricted net assets to total consolidated net assets	7.00%
Foreign invested enterprise \| General reserve fund \| CHINA
PROFIT APPROPRIATION AND RESTRICTED NET ASSETS
Appropriation of after tax profit to general reserve fund required percentage minimum	10.00%
Required general reserve registered capital ratio to deforce compulsory net profit allocation to general reserve	50.00%
Domestic enterprise \| Statutory surplus reserve \| CHINA
PROFIT APPROPRIATION AND RESTRICTED NET ASSETS
Appropriation of after tax profit to statutory surplus fund required percentage minimum	10.00%
Required statutory surplus registered capital ratio to deforce compulsory net profit allocation to statutory surplus	50.00%

PREPAYMENTS AND OTHER CURRENT ASSETS - (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Receivables from third-party online payment platforms	¥ 96,560		¥ 30,317
Prepaid advertising expenses and service fee	95,318		211,604
Receivables related to the exercise of share-based awards	79,182		172,452
Deposits	63,201		68,390
Prepaid income tax	46,277		42,380
Staff loans and advances	25,744		33,672
Others	36,415		41,958
Total	¥ 442,697	$ 62,353	¥ 600,773

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2021 CNY (¥) segment	Dec. 29, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Rate of translations of amounts from RMB into US$				7.0999
Advertising expenses	¥ 582.1	¥ 793.2	¥ 997.7
Employee benefit expenses incurred	¥ 449.8	¥ 395.2	¥ 256.5
Number of reportable segments \| segment	1	1	1

INCOME TAX - Movements Of Valuation Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance
Balance at beginning of the year	¥ 354,306	¥ 334,848	¥ 250,032
Change of valuation allowance	(29,279)	19,458	84,816
Balance at end of the year	¥ 325,027	¥ 354,306	¥ 334,848

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENT

Schedule of fair value, assets measured on recurring basis


		Fair value measurement at reporting date using
		Quoted prices in active	Significant other	Significant
		markets for identical assets	observable inputs	unobservable inputs
Description	Fair value	(Level 1)	(Level 2)	(Level 3)
	RMB	RMB	RMB	RMB
	(in thousands)
As of December 31, 2022
Short-term investments
—Wealth management products	2,665,047	—	2,665,047	—

As of December 31, 2023
Short-term investments
—Wealth management products	2,783,212	—	2,783,212	—
—Listed equity securities	1,325	1,325	—	—
Long-term investments
—Wealth management products	354,135	—	354,135	—
—Unlisted equity securities	149,588	—	—	149,588

BUSINESS ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2023

BUSINESS ACQUISITION

Schedule of fair value of the assets acquired and the liabilities assumed


		Amount
		RMB
		(in thousands)
Purchase consideration		10,000

Identifiable intangible assets acquired
—Non-compete agreements		8,400
—Trademarks		1,000
—Database		1,000
Goodwill		5,690
Deferred tax liabilities		(2,080)
Net liabilities assumed		(4,010)
Total		10,000

CONCENTRATION AND RISKS - (Details) - Foreign Currency exchange rate risk - RMB Against US Dollar	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONCENTRATION AND RISKS
Percentage of depreciation in foreign currency exchange rate	2.90%	8.20%
Percentage of appreciation in foreign currency exchange rate			2.30%

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 2,472,959	$ 348,309	¥ 9,751,824
Time deposits	6,922,803	975,056	793,042
Short-term investments	3,513,885	494,920	2,665,047
Accounts receivable, net	16,727	2,356	9,862
Prepayments and other current assets	442,697	62,353	600,773
Total current assets	13,373,037	1,883,553	13,826,262
Non-current assets
Property, equipment and software, net	1,793,488	252,607	691,036
Intangible assets, net	8,093	1,140	10,251
Goodwill	5,690	801	5,690
Right-of-use assets, net	282,612	39,805	289,628
Long-term investments	2,473,128	348,333
Other non-current assets	4,000	563	4,000
Total non-current assets	4,567,011	643,249	1,000,605
Total assets	17,940,048	2,526,802	14,826,867
Current liabilities
Accounts payable	629,216	88,623	185,297
Deferred revenue	2,794,075	393,537	2,060,892
Other payables and accrued liabilities	779,046	109,726	633,482
Operating lease liabilities, current	155,014	21,833	151,438
Total current liabilities	4,357,351	613,719	3,031,109
Non-current liabilities
Operating lease liabilities, non-current	125,079	17,617	143,591
Deferred tax liabilities	28,425	4,004	11,404
Total non-current liabilities	153,504	21,621	154,995
Total liabilities	4,510,855	635,340	3,186,104
Commitments and contingencies
Shareholders' equity
Ordinary shares (US$0.0001 par value; 1,800,000,000 Class A ordinary shares and 200,000,000 Class B ordinary shares authorised; 749,323,103 Class A ordinary shares issued and 724,582,975 outstanding, 140,830,401 Class B ordinary shares issued and outstanding as of December 31, 2022; 750,523,103 Class A ordinary shares issued and 740,172,377 outstanding, 139,630,401 Class B ordinary shares issued and outstanding as of December 31, 2023)	564	79	564
Treasury shares	(479,730)	(67,569)	(918,894)
Additional paid-in capital	15,496,811	2,182,680	15,450,389
Statutory reserves	5,000	704
Accumulated other comprehensive income	898,810	126,595	695,184
Accumulated deficit	(2,492,253)	(351,026)	(3,586,480)
Total KANZHUN LIMITED shareholders' equity	13,429,202	1,891,463	11,640,763
Non-controlling interests	(9)	(1)
Total shareholders' equity	13,429,193	1,891,462	11,640,763
Total liabilities and shareholders' equity	17,940,048	2,526,802	14,826,867
Related Party
Current assets
Amounts due from related parties	¥ 3,966	$ 559	¥ 5,714