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olivLaw · US equity research

Kanzhun Limited BZ

Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

17.46USD+1.99% · 1 dayClose 04 Nov 2026

Kanzhun is China's largest online recruitment platform, connecting job seekers and employers through the BOSS Zhipin app. In 2025 the company grew revenue and lifted profit, which makes its model of direct chat and AI-driven matching worth examining. Total revenue reached 8.3 billion RMB and average monthly active users rose to 60.7 million.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Kanzhun Limited (BZ) stock was 17.46 USD (+1.99% on the day), with market capitalisation 1.7 bn USD, P/E 41.6 on diluted EPS of 0.42 USD over the last 12 months, dividend yield 4.53%, beta 0.96, 52-week range 12.65–22.30 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.7 bn USD
shares as of 31 Dec 2019
P/E (TTM)
41.6
Diluted EPS TTM 0.42 · TTM to 31 Dec 2025
E/P (TTM)
2.41%
TTM to 31 Dec 2025
Dividend yield
4.53%
Beta (2y)
0.96
Volatility (1y) 39%
52-week range
12.6522.30

Price history

Loading chart…

Technical reading

RSI (14)
68.7
strong (55–70)
Bollinger (20, 2)
15.47 – 17.41
above the upper band · %B 1.03 · band width 11.8%
SMA 50 / 200
16.00 / 15.24
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.39 / 0.30
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+15.6%−1.1%+16.7 pp—
3 months+7.8%−0.5%+8.3 pp—
6 months+21.5%+4.4%+17.1 pp—
Year to date−14.3%+12.3%−26.6 pp—
1 year−19.0%+13.5%−32.5 pp−14.0%
3 years+13.5%+76.4%−63.0 pp+0.8%
5 years−50.4%+63.7%−114.1 pp—
Max drawdown (1y)
−43.3%
01 Dec 2025 → 25 Jun 2026
Max drawdown (5y)
−73.6%
13 Dec 2021 → 28 Oct 2022
Compound annual growth (5y)
−13.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 4-quarter history (min 48.5, median 77.6, max 1,018.5; quarters with earnings only).

Fiscal years

Fiscal year202020212022202320242025
Revenueunavailable668.4 m654.0 m838.3 m1.0 bn1.2 bn
Revenue YoYunavailableunavailable−2.1%+28.2%+20.2%+17.3%
Net incomeunavailable-168.1 m15.5 m154.8 m214.7 m391.1 m
Net income YoYunavailableunavailableunavailable+895.8%+38.7%+82.2%
Diluted EPSunavailableunavailable0.020.170.240.42
Diluted EPS YoYunavailableunavailableunavailable+750.0%+41.2%+75.0%
net %unavailable-25.1%2.4%18.5%21.3%33.1%
Free cash flowunavailable216.8 m96.1 m294.6 m368.0 m633.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
587.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
2.9 bn USD
Total assets
3.5 bn USD
Debt / equity
unavailable
Current ratio
4.66x
ROE
15.9%
ROA
12.7%
FCF margin
53.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
838.3 m
2024
1.0 bn
2025
1.2 bn

SEC (XBRL)· 29 Apr 2026verified

Cost of revenue
2023
149.3 m
2024
169.8 m
2025
176.6 m

SEC (XBRL)· 29 Apr 2026verified

Gross profit
2023
689.0 m ≈
2024
837.9 m ≈
2025
1.0 bn ≈

SEC (XBRL)· 29 Apr 2026derived

Research & development
2023
217.4 m
2024
248.8 m
2025
236.5 m

SEC (XBRL)· 29 Apr 2026verified

Operating income
2023
81.8 m
2024
160.7 m
2025
352.4 m

SEC (XBRL)· 29 Apr 2026verified

Depreciation & amortisation
2023
36.4 m
2024
—
2025
—

SEC (XBRL)· 29 Apr 2024verified

EBITDA
2023
118.3 m ≈
2024
—
2025
—

SEC (XBRL)· 29 Apr 2024derived

Pre-tax income
2023
172.1 m
2024
251.1 m
2025
457.6 m

SEC (XBRL)· 29 Apr 2026verified

Income tax
2023
17.3 m
2024
36.4 m
2025
72.9 m

SEC (XBRL)· 29 Apr 2026verified

Net income
2023
154.8 m
2024
214.7 m
2025
391.1 m

SEC (XBRL)· 29 Apr 2026verified

Diluted EPS
2023
0.17
2024
0.24
2025
0.42

SEC (XBRL)· 29 Apr 2026verified

Weighted average diluted shares
2023
902.7 m
2024
909.2 m
2025
927.0 m

SEC (XBRL)· 29 Apr 2026verified

Balance sheet · USD

Cash
2023
348.3 m
2024
349.8 m
2025
587.0 m

SEC (XBRL)· 29 Apr 2026verified

Receivables
2023
2.4 m
2024
5.6 m
2025
4.7 m

SEC (XBRL)· 29 Apr 2026verified

Inventories
2023
—
2024
417.0 k
2025
342.0 k

SEC (XBRL)· 29 Apr 2026verified

Current assets
2023
1.9 bn
2024
2.1 bn
2025
2.9 bn

SEC (XBRL)· 29 Apr 2026verified

Property, plant & equipment, net
2023
252.6 m
2024
237.5 m
2025
178.0 m

SEC (XBRL)· 29 Apr 2026verified

Goodwill
2023
801.0 k
2024
894.0 k
2025
934.0 k

SEC (XBRL)· 29 Apr 2026verified

Intangibles (excl. goodwill)
2023
1.1 m
2024
34.6 m
2025
14.4 m

SEC (XBRL)· 29 Apr 2026verified

Total assets
2023
2.5 bn
2024
2.6 bn
2025
3.5 bn

SEC (XBRL)· 29 Apr 2026verified

Accounts payable
2023
88.6 m
2024
15.2 m
2025
17.2 m

SEC (XBRL)· 29 Apr 2026verified

Current liabilities
2023
613.7 m
2024
574.3 m
2025
625.1 m

SEC (XBRL)· 29 Apr 2026verified

Total liabilities
2023
635.3 m
2024
595.7 m
2025
641.6 m

SEC (XBRL)· 29 Apr 2026verified

Equity
2023
1.9 bn
2024
2.0 bn
2025
2.9 bn

SEC (XBRL)· 29 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
429.2 m
2024
485.3 m
2025
651.0 m

SEC (XBRL)· 29 Apr 2026verified

Capex
2023
134.6 m
2024
117.3 m
2025
17.0 m

SEC (XBRL)· 29 Apr 2026verified

Free cash flow
2023
294.6 m ≈
2024
368.0 m ≈
2025
633.9 m ≈

SEC (XBRL)· 29 Apr 2026derived

Investing cash flow
2023
-1.4 bn
2024
-276.3 m
2025
-659.0 m

SEC (XBRL)· 29 Apr 2026verified

Financing cash flow
2023
-58.7 m
2024
-200.1 m
2025
236.6 m

SEC (XBRL)· 29 Apr 2026verified

Dividends paid
2023
79.3 m
2024
—
2025
79.1 m

SEC (XBRL)· 29 Apr 2026verified

Share repurchases
2023
10.1 m
2024
226.3 m
2025
20.4 m

SEC (XBRL)· 29 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
17.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
21.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
119.3%
computed by olivLawFY 2025
Net income growth (YoY)
82.2%
computed by olivLawFY 2025
Net income CAGR 3Y
193.0%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
75.0%
computed by olivLawFY 2025
EPS CAGR 3Y
175.9%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
72.2%
computed by olivLawFY 2025

Profitability

Gross margin
85.1%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
29.8%
computed by olivLawFY 2025
Net margin
33.1%
computed by olivLawFY 2025
FCF margin
53.6%
computed by olivLawFY 2025

Returns

ROE
16.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
12.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
12.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
12.5%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
4.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
651.0 m USD
computed by olivLawFY 2025
Capital expenditure
17.0 m USD
computed by olivLawFY 2025
Free cash flow
633.9 m USD
computed by olivLawFY 2025
FCF conversion
162.1%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
2 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
33 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
1.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
4.5x
computed by olivLawFY 2025
P/E (TTM)
41.6x
computed by olivLawFY 2025
Earnings yield
2.4%
computed by olivLawFY 2025
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
2.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
36.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
4.5%
computed by olivLawFY 2025
Shareholder yield (distributions)
5.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

17.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.7 bn USD

Key indicators

Market capitalisation
1.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
41.6x
computed by olivLawFY 2025
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
16.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
33.1%
computed by olivLawFY 2025
Revenue growth (YoY)
17.3%
computed by olivLawFY 2025
Dividend yield
4.5%
computed by olivLawFY 2025

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 29 Apr 2026
verified 144

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality85.1%100 (on a fixed band)14%
EBIT margin · Quality29.8%89 (vs peers)11%
FCF margin · Quality53.6%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth21.8%87 (on a fixed band)22%
Revenue growth (YoY) · Growth17.3%72 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet4.7x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation36.3%100 (on a fixed band)17%
Shareholder yield (distributions) · Returns5.7%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth82/100 · 2/2 factors with a value
  • Quality97/100 · 3/3 factors with a value
  • Returns100/100 · 1/1 factors with a value
  • Valuation· partial100/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

KANZHUN LIMITED (BZ). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 17.3%; net margin 33.1%; ROE 16.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 85.1%
  • EBIT margin: 29.8%
  • FCF margin: 53.6%
  • Revenue CAGR 3Y: 21.8%
  • Revenue growth (YoY): 17.3%
  • Current ratio: 4.7x
  • FCF yield: 36.3%
  • Shareholder yield (distributions): 5.7%

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
41.6x
vertical median 21.9x
above median (+90.2%)
EV/EBITDA
—
vertical median 15.7x
P/S
1.5x
vertical median 2.3x
below median (−35.3%)
P/B
0.6x
vertical median 1.8x
below median (−66.2%)
ROE
16.0%
vertical median 2.8%
above median (+472.4%)
Net margin
33.1%
vertical median 2.2%
above median (+1,379.8%)
EBIT margin
29.8%
vertical median 1.9%
above median (+1,478.6%)
Revenue YoY
17.3%
vertical median 6.9%
above median (+152.7%)
Net debt/EBITDA
—
vertical median 0.4x
Dividend yield
4.5%
vertical median 0.3%
above median (+1,257.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GOOGLAlphabet Inc.3,552.1 bn15.144.3%50.0%+15.1%−10% / +118%
APPAppLovin Corporation90.0 bn18.3210.1%65.9%+70.0%−55% / +625%
NBISNebius Group N.V.35.8 bn428.82.1%15.6%+479.0%+49% / unavailable
FDSFactset Research Systems Inc12.1 bn23.525.5%21.5%+6.7%+23% / −25%
DOCNDigitalOcean Holdings, Inc.9.9 bn281.35.1%3.1%+15.5%+89% / +184%
MTCHMatch Group, Inc.9.1 bn13.7—20.7%+0.2%+21% / +24%
SOGPSound Group Inc.8.8 bn350.370.4%7.1%+59.4%−21% / +265%
SIFYSify Technologies Ltd5.8 bn—-4.1%-2.0%+9.0%+20% / +53%
WIXWix.com Ltd.4.4 bn91.5—2.5%+13.2%−16% / −21%
MGNIMagnite, Inc.3.3 bn19.920.4%23.6%+6.9%+55% / +182%
GRNDGrindr Inc.2.4 bn27.6108.7%18.7%+27.6%+9% / +108%
DVDoubleVerify Holdings, Inc.2.1 bn34.05.8%8.2%+13.9%+29% / −59%
BZKanzhun Limited1.7 bn41.616.0%33.1%+17.3%−19% / +13%
WBWeibo Corporation1.6 bn3.812.1%25.6%+0.1%−35% / −36%
DJTTrump Media & Technology Group Corp.1.2 bn—-78.9%-28,867.7%+1.8%−61% / −74%
TRIPTripadvisor, Inc.1.2 bn332.10.8%0.3%+3.1%−31% / −43%
SMWBSimilarweb Ltd.766.1 m—-129.6%-11.7%+13.1%+13% / +75%
BMBLBumble Inc.718.8 m—-85.9%-61.8%−9.9%+69% / −57%
RXTRackspace Technology, Inc.716.2 m——-5.9%−1.9%+165% / +123%
NEXNNexxen International Ltd.513.3 m22.25.0%6.9%−0.2%+41% / +151%
RZLVRezolve AI plc460.8 m—-98.7%-216.7%+2,224.2%−55% / −87%
YALAYalla Group Limited413.9 m6.819.6%43.3%+0.7%−20% / −6%
ZIPZiprecruiter, Inc.321.9 m12.9—6.2%−5.3%−5% / −66%
BLNDBlend Labs, Inc.302.7 m——-3.3%+6.8%−59% / +1%
SSTSystem1, Inc.161.0 m—-581.6%-50.7%−22.6%−53% / −88%

1- and 3-year price returns: for BZ from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
106.17
Total return 508% · Per year 508%
186.85
Total return 970% · Per year 970%
280.27
Total return 1,505% · Per year 1,505%
3 years
125.94
Total return 621% · Per year 93%
247.11
Total return 1,315% · Per year 142%
403.59
Total return 2,212% · Per year 185%
5 years
149.38
Total return 756% · Per year 54%
326.80
Total return 1,772% · Per year 80%
581.17
Total return 3,229% · Per year 102%
What moves the 3-year price the most
  • Exit P/E± 61.78
  • Net margin± 43.24
  • Annual revenue growth± 32.25
  • Annual dilution± 3.63

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (07 Oct 2026), 6-K (02 Oct 2026), 6-K (30 Sept 2026), 6-K (23 Sept 2026), 6-K (18 Sept 2026).

In brief

Kanzhun is China's largest online recruitment platform, connecting job seekers and employers through the BOSS Zhipin app. In 2025 the company grew revenue and lifted profit, which makes its model of direct chat and AI-driven matching worth examining 1. Total revenue reached 8.3 billion RMB and average monthly active users rose to 60.7 million 1.

SWOT

Strengths

  • The platform has a very large user base and a data cycle that continually improves candidate matching 1.
  • The consent-based resume model and direct chat protect candidate privacy and create higher-quality interactions 1.
  • The company has its own recruitment-focused language model, giving it a technology edge specific to hiring 1.

Weaknesses

  • Reliance on many small clients and on a single main revenue line could make results sensitive to changes in that segment 1.
  • The VIE structure creates legal uncertainty for investors holding ADSs rather than direct equity in the operating entity 1.
  • Revenue from job-seeker services declined in 2025, showing the vulnerability of a secondary revenue line 1.

Opportunities

  • Expanding services to existing key accounts could raise their spending and the company's revenue 1.
  • Growth in the blue-collar segment and in AI tools could open new sources of expansion 1.
  • If operating efficiency holds, profit margins could stay high as revenue grows 1.

Threats

  • An economic slowdown in China or globally could reduce employers' recruitment budgets 1.
  • Competition from new or established players could reduce the platform's market share 1.
  • Regulatory changes in mainland China could affect the business model or contractual structure 1.

Risks

  • Intense competitionhigh

    Entry by players from other industries or technology start-ups could reduce market share and margins 1.

  • VIE structurehigh

    If Chinese authorities find the contractual arrangements non-compliant, the company could face penalties or be forced to give up some operations 1.

  • Economic slowdownmedium

    A downturn or geopolitical tension could reduce employers' willingness and budget to recruit 1.

  • Data protectionmedium

    Collecting and processing sensitive user data exposes the company to sanctions and loss of customer trust 1.

  • AI technology riskmedium

    If new AI technologies do not perform as expected, matching quality could fall and user retention could suffer 1.

Investment thesis

What would need to be true (bull case)

  • A large base of users and continued growth in active candidates could support expansion of enterprise services 1.
  • Rising profitability shows operating efficiency has improved, and this could continue if revenue keeps growing 1.
  • The direct-chat model and in-house technology could sustain an edge over rivals offering only static listings 1.

What would break the thesis

  • If the Chinese economy slows, the number of companies recruiting could fall, hitting revenue directly 1.
  • The VIE structure brings legal uncertainty that could weigh on the value of ADSs for holders 1.
  • Lower marketing spending in 2025 could reflect less need to attract users, but also greater exposure to competition over the long term 1.

What to watch

  • Trend in paid enterprise customers and revenue from key accountsQ1 2027
  • Marketing spending as a share of revenue and its effect on active users2027
  • Impact of AI tools on hiring time and user retention2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (07 Oct 2026), 6-K (02 Oct 2026), 6-K (30 Sept 2026), 6-K (23 Sept 2026), 6-K (18 Sept 2026).

The business

Kanzhun runs a mobile-native recruitment platform with two sides: job seekers find jobs for free, while enterprises pay for recruitment services and value-added tools 1. Its signature feature is 'direct chat', which lets job seekers and recruiters communicate in real time, and full resumes are shared only with the job seeker's consent 1. The company had 252.6 million verified job seekers at December 31, 2025 and 6.8 million paid enterprise customers in 2025 1.

The technology rests on a recommendation layer, granular behavioural data and Nanbeige, its proprietary large language model launched in 2024 for hiring use cases 1. The company describes a self-reinforcing flywheel in which more users attract more jobs and more data improves matching 1.

The company's ADSs have been listed on Nasdaq since June 2021 under the symbol BZ, and its Class A shares trade in Hong Kong since December 2022 1. Operations in mainland China run through a VIE controlled by contractual arrangements, which creates specific legal risks for ADS holders 1.

Segments

Value-added services for job seekers

Job seekers can apply free of charge but may pay for tools such as resume exposure boosters or AI interview training. This line declined in 2025 as the company simplified its job-seeker offerings 1.

Market context

The market is shaped by government policy on the internet and recruitment, along with new AI technologies that could change hiring demand 1.

Trends

  • Digitalisation of recruitmenttailwind

    Employers are moving toward online recruitment services, which supports growth if that adoption continues 1.

  • Artificial intelligencemixed

    AI models could shorten hiring time and improve matching, but deployment needs large resources and carries technological and legal risks 1.

  • Economic slowdownheadwind

    If the Chinese or global economy slows, employers' hiring budgets could shrink, reducing demand for services 1.

  • Data regulationheadwind

    Chinese rules on data protection and cybersecurity are complex and changing, and non-compliance could bring penalties and added costs 1.

Competitive position

China's online recruitment market is highly competitive, and entry by players from other industries or technology start-ups could intensify pressure on market share 1. The sources describe the risk of heightened competition without naming individual rivals 1.

The company says its advantages are the BOSS Zhipin brand, direct chat and a model where resumes move only with the candidate's consent, which set it apart from traditional listing models 1.

  • Established online recruitment players

    The filing refers to established competitors in the same market without naming them 1.

  • Players from other industries

    Established companies in other sectors could enter recruitment, according to the risks described in the report 1.

  • Technology start-ups

    New technology-driven companies could enter the market and change competitive dynamics 1.

  • Generalist recruitment platforms

    Generalist rivals compete for the same candidates and employers, though the source does not name them 1.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Kanzhun Limited · 29 Apr 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.